New Jersey CANNABIS CONSULTANTS
Higher Yields Cannabis Consultants offers a full range of cannabis consulting services in the state of New Jersey. Our vertically integrated consulting system offers a path to business success. From startup to scaling and expansion of your cannabis-related business and everything in-between our team of industry experts can help. If you have any questions please contact us online or call (844) HI-YIELD.
Important Wins from the 2020 Election: New Jersey
New Jersey joined the ranks of the now 15 states with both medical and adult use legalized. The amendment requires the state regulated adult-use sales through the recently established Cannabis Regulatory Commission and limits the tax on retail sales of cannabis from exceeding the state’s standard sales tax of 6.625% with municipalities being afforded the option of imposing a 1-2% sales tax.
New Jersey should have a fairly uneventful and productive process for establishing rules and regulations as the governor and a significant portion of the legislature are in support of the adult-use market. Bridge West CPAs estimate total tax collections for the state in the first year to be around $64 million the next year to be around $91 million and the third year $120 million increasing there after. They also projected potential 10,566 jobs in the first year tied to the cannabis industry 15,128 jobs the second year and up to 19,872 in the third year.
The Latest News in New Jersey Cannabis Opportunities
New Jersey cannabis regulations were updated in June 2020 with the passage of bill A1897, which decriminalizes the use of regulated cannabis. Unregulated cannabis possession would still have potential criminal charges.
Cannabis advocates say that the bill still has some loopholes and are instead encouraging a bill introduced in the state senate, S2535. This bill would decriminalize cannabis up to one pound, and would additionally:
- Prevent law enforcement from detaining someone based on the smell of cannabis
- Gets rid of discrimination against past cannabis-related crimes for housing or other public accommodations
If the bills are passed, it would get rid of the current stringent laws that can send someone to jail for six months for the possession of cannabis. According to the ACLU of New Jersey, more than 90 people were arrested each day in 2017 for the possession of cannabis.
Contact Us to discuss cannabis Licensing Opportunities in New Jersey
The History of Cannabis in New Jersey
Historically, New Jersey has had some fairly strict laws regarding cannabis and cannabis possession. Medical cannabis became legal in the state in 2010, but it was not easy for patients to gain access to it until 2012, due to the governor at the time opposing its use. Until 2019, patients still had issues with obtaining access, as there were regulations in place that made it tough to get it. Patients had to be re-evaluated every three months or 90 days, and physicians who prescribe it are required to attend courses.
In 2019, bill A20 was signed into law. Also known as Jake’s Law, this bill reformed the medical cannabis laws in the state and made it much easier for patients to access medical cannabis, expanding the list of conditions a patient is required to have in order to obtain medical cannabis. It also removed the 90-day policy and instead permitted doctors to prescribe three ounces of cannabis per month for 12 months to patients who were qualified to use cannabis. The law also increased the number of growers and dispensaries New Jersey is allowed to have, and also allowed home delivery.
The bills introduced to the state legislature in mid-2020 may decriminalize the use of regulated cannabis for adults, which would show the state has made great strides in the past decade.
New Jersey Cannabis Consulting services
At Higher Yields Cannabis Consulting (HYC), our cannabis consultants are here to assist you with planning and building your cannabis business in New Jersey. From grow facilities to dispensaries New Jersey has joined the ranks for both medical and recreational use. Our team of canna advisors are well-versed in local laws on compliance, and we offer services that assist you in building your brand, creating your marketing plan, designing your website and assets, crafting your social media presence, consulting on developing the dispensaries New Jersey has to offer, and much more to help your business see success.
Contact us at (844) HI-YIELD to learn how we can assist you.
Market Conditions in New Jersey
According to a press release from the State of New Jersey Department of Health, the state’s Medicinal Marijuana Program has expanded its reach immensely, doubling the number of physicians participating and tripling the number of patients who can now use it. As of July 2019, here is a quick breakdown of the numbers:
- 51,000 patients use medical marijuana
- 2,000 caregivers participate in the program
- 1,000 physicians can prescribe marijuana
The Department of Health also invited applicants to apply to operate more than 20 new Alternative Treatment Centers to increase accessibility throughout the state in 2019.
- In November 2020, more than 67% of voters said yes to the ballot initiative that amended the new jersey constitution to allow adult-use cannabis. in December 2020, the new jersey senate and assembly passed the NJ cannabis regulatory, enforcement assistance, and marketplace modernization act.
- Governor Phil Murphey claimed in November that adult-use sales would begin in 12 months, yet is still hoping they will start sooner, as to have an impact on this fiscal year, sales need to start by June 30th
- New jersey has an excellent opportunity for success as it currently is the most populous state on the east coast to legalize cannabis for adult-use. According to a Bloomberg law report, New Jersey expects to generate $1.6 billion in cannabis sales, making New Jersey a great opportunity for success for any business that can obtain an adult-use license in the first round of licensing. From grow facilities to dispensaries New Jersey has countless opportunities in the cannabis industry.
- New jersey plans on offering priority licensing to impact zones or municipalities negatively affected by unemployment, poverty, or past cannabis enforcement activity. The CRC would grant at least 25% of the total license applicants or those who employ at least 25% of their employees from impact zones. This impact zone plan shows how new jersey lawmakers see cannabis as the possibility for an economic driver in areas throughout the state that could benefit from job creation and tax revenue generation.
At Higher Yields Consulting (HYC), we can help you with the intricate ins and outs of opening a cannabis business in New Jersey. Our experts have valuable knowledge of cannabis laws and policies, and we can also help you with business development, marketing strategies, brand design, developing the types of dispensaries New Jersey needs, and much more. Call us at (844) HI-YIELD to get more information about our services and to learn how we can help you.
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