New Jersey is considerably rising the variety of enterprise licenses in its medical cannabis program, with the announcement Monday that the well being division will challenge as much as 24 new permits.

However the quantity – which incorporates 4 vertically built-in permits – is way fewer than the 108 licenses that the state mentioned in June it will challenge.

The smaller license pool makes the licensing spherical extra aggressive. However every allow additionally will probably be extra useful in consequence.

Beforehand, the state had issued 12 vertically built-in permits in two rounds of licensing.

New Jersey is shifting to increase its fast-growing medical marijuana program after lawmakers didn’t agree on adult-use laws.

New Jersey cannabis lawyer Rob DiPisa mentioned in an interview with Marijuana Enterprise Day by day final week that individuals had been wanting ahead to 108 licenses being issued “as a result of the final one (spherical) was so aggressive that it virtually excluded mom-and-pops from the trade.”

So, he anticipated many can be disenchanted if solely 24 permits had been issued.

Software types will probably be posted by July 15 and due again by Aug. 21 for dispensary functions and Aug. 22 for the others.

Right here’s how the licensing breaks down:

  • Northern Area: 2 cultivation, 5 dispensary and 1 vertically built-in (grower, cultivation, and dispensary).
  • Central Area: 2 cultivation, 5 dispensary, and 1 vertically built-in.
  • Southern Area: 1 cultivation, 5 dispensary, and 1 vertically built-in.
  • One at giant vertically built-in allow.

Candidates could search as much as three permits in whole however could submit just one software per area.

Candidates for a vertically built-in allow could submit just one software.

The 2019 Marijuana Enterprise Factbook initiatives the New Jersey MMJ market will attain $95 million-$120 million in gross sales this 12 months, up from $50 million-$60 million in 2018.

Jeff Smith might be reached at [email protected]