Key information related to New Jersey cannabis manufacturing license

0
93

New jersey cannabis manufacturing license is very important. On 17 December 2020, the New Jersey Legislature passed the “New Jersey Regulatory Assistance and Marketplace Modernization Act” governing the development, regulating and enactment, by individuals aged 21 and older, of the personal use of cannabis products. It is responsible for supervising the recreational market, which probably is not up and running till 2022, by the state Cannabis Regulatory Commission, which is in charge of New Jersey’s current medical program.

The act also makes changes to the criminal justice system for several charges involving the manufacturing, distribution, or dispensing of small amounts of marijuana. The act gives the commission the ability to encourage minorities, women, disabled veterans, and others from socially and economically disadvantaged communities to join the business. The goal is to give such businesses no less than 30% of the total number of cannabis licenses, with no less than 15% going to minority-owned businesses and no less than 15% going to women-owned enterprises.

Procedure for Submitting an Application

The commission will determine the number of points, point categories, and point distribution scheme, and will score and analyze applications using a point scale. In addition to the point system, applications based on “effect zones” will be given precedence. At least 10% of each licensing class’s total licenses, as well as at least 25% of the total number of licenses issued, would be earmarked for “microbusinesses.”

Within 90 days of submission, a review is to be completed and, when approved, licenses will be issued within thirty days of the notice of approval of a license application. The Act also allows the Commission to issue a “conditional license,” which would not require such applicants to comply with all aspects of the full license regulatory requirements. The conditional license applicants would instead need to provide enough plans on the actions to be taken in the 120 days following issuance to ensure full compliance, which could be extended at the Commission’s discretion for up to an additional 45 days.

All of these microbusiness and license agreements are very new, and the specifics will change as legislation and application forms are finalized in the coming months. Now is the time to strategize and design your business strategy to qualify as a microbusiness, as well as to assemble a team of trustworthy advisors to help you navigate the process. A new industry is forming.