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Friday, Sep 30, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Legalization

Legal recreational cannabis sales start in New Jersey

New Jersey becomes the 18th U.S. state to legalize recreational cannabis, serving a market projected to reach US$2.4 billion by 2025

Legal Cannabis New Jersey
New Jersey has legalized recreational cannabis sales as of Thursday, April 21. Photo via Unsplash

New Jersey has joined a growing list of states allowing legal recreational cannabis sales.

Starting Thursday, customers are allowed to purchase up to one ounce of dried flower, up to five grams of concentrates, resins or oils, or up to 10 packages of edibles containing 100 milligrams of THC.

Retail cannabis sales are subject to a 6.625 per cent state sales tax, with 70 per cent of those revenues directed toward reinvestment programs for lower-income communities.

New Jersey voters approved a ballot measure legalizing recreational cannabis sales in November 2020 and Gov. Phil Murphy signed the measure into law in February 2021.

“Today is the start of an entirely new industry for our state, and a historic moment in our work to advance social and economic justice,” Murphy tweeted early Thursday.

New Jersey is now the 18th state in the U.S. to successfully legalize recreational cannabis, nearly a decade after Washington and Colorado became the first two. The New Jersey cannabis market is projected to hit $2.4 billion by 2026.

“With today’s launch of our adult-use recreational cannabis market, we’ll continue working to grow an industry that reflects the diversity of our state, protects access for medical marijuana patients, prioritizes justice, and promotes equal opportunities for communities of color,” Murphy tweeted.

Read more: New Jersey adult-use cannabis sales expected to start within weeks

Read more: New Jersey legalizes weed after 111-day delay

The New Jersey Cannabis Regulatory Commission has approved seven multi-state cannabis operators to commence adult-use sales, including Curaleaf Holdings, Inc. (CNSX: CURA) (OTCMKTS: CURLF).

“The launch of New Jersey’s adult-use marketplace is a major step forward for the cannabis industry and it is a privilege to be among the inaugural group of licensees that will mark the beginning of the state’s adult-use market,” Joe Bayern, Curaleaf CEO, said in a statement.

Earlier this month, the New Jersey Cannabis Regulatory Commission (CRC) approved 13 medical shops or Alternative Treatment Centers (ATC) owned by different operators to expand their services.

Approved shops must be available solely for medical cannabis patients for 14 hours per week or risk fines of US$10,000 per day and having their license suspended. Companies must also keep up with the demand for medical and adult-use sales or they could face up to US$10,000 per day in fines.

Curaleaf committed to prioritizing patient care for individuals licensed under New Jersey’s Medical Marijuana Program. In anticipation of increased demand, the company has tripled its cultivation capacity to ensure that medical patient supply is prioritized in the event of a product shortage.

“Our local teams look forward to building strong relationships with new consumers while deepening our ties with the medical community,” Bayern said. “Providing top-tier medical patient care remains our main priority and we have adopted considerable safeguards to make sure they can seamlessly access products to find relief.”

Read more: Curaleaf bets big on New Jersey months ahead of legalization vote

Read more: New Jersey starts accepting applications for adult-use pot shops this week

In addition to Curaleaf, cannabis firms permitted to commence adult-use sales in New Jersey include Acreage Holdings, Inc. (CNSX: ACRG.A.U) (OTCMKTS: ACRHF), Verano Holdings Corp. (CNSX: VRNO) (OTCMKTS: VRNOF), Green Thumb Industries Inc. (CNSX: GTII) (OTCMKTS: GTBIF), Ascend Wellness Holdings, Inc. (CNSX: AAWH.U) (OTCMKTS: AAWH), TerrAscend Corp. (CNSX: TER) (OTCMKTS: TRSSF) and Columbia Care Inc. (CNSX: CCHW) (OTCMKTS: CCHWF) which was recently acquired by Cresco Labs Inc. (CNSX: CL) (OTCMKTS: CRLBF).

“After serving New Jersey medical patients for almost five years, we are thrilled to be among the first operators establishing New Jersey’s adult-use market,” Peter Caldini, Acreage CEO, said in a statement. “Our company has been committed to providing exceptional patient care since its inception, and we will continue to prioritize medical patients while providing the same level of care and expertise to our new adult-use consumers.”

 

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