New Jersey’s Cannabis Regulatory Commission (CRC) recommended eliminating the current cap on the number of cannabis cultivation licenses at its February 8, 2023 meeting, among other actions. If that recommendation is adopted, the current limit of 37 licenses would expire on February 22, 2023. According to the CRC, there are only 17 cultivation licenses and awarding additional licenses would help spur New Jersey’s cannabis market.
“The market is developing, and we don’t want to hinder that. The New Jersey canopy is currently only 418,000 square feet – far below the average of other states with legal cannabis. New Jersey currently has only one cultivation license for every 197,000 residents. The national average is one license for every 31,000 residents. We have a lot of room to grow. We expect that lifting the cap will open the space for more cultivators, ultimately resulting in more favorable pricing and better access for patients and other consumers,” Commissioner Maria Del Cid-Kosso stated.
Justin Calta’s practice focuses on the representation of businesses and individuals in real estate and corporate transactions, with a particular emphasis on zoning, land use and re-development, commercial leasing, mergers and acquisitions, and general corporate law and business counseling.
