Last week, New Jersey citizens voted to legalize adult use recreational cannabis. The question on everyone’s mind is: what happens next?
On Friday, Senator Nick Scutari released a new bill that would establish the framework for legal cannabis in New Jersey. The bill is similar to the prior bills introduced by Sen. Scutari. The New Jersey legislature still has to review and pass the bill for signature by the Governor. Additionally, the Governor must finalize the New Jersey Cannabis Regulatory Commission to be the regulatory oversight body for cannabis in New Jersey. On Friday, the Governor made progress by making several top appointments to the Commission. Once finalized, the Cannabis Regulatory Commission will also have to promulgate regulations for the industry.
In practical terms, adult use recreational cannabis in New Jersey is well on its way to legalization, but we are not yet at the finish line. Everyone should expect the legislative and regulatory process to take several months. But to anyone who is interested in attempting to obtain a license for a cannabis company in New Jersey or who has questions about the impact legal cannabis may have on an existing business, the time to act is now.
Contact Alex Banzhaf or Nino Coviello today for more information about the legal cannabis industry, microbusinesses, cannabis and employment issues and more.
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