New Jersey Senate To Examine Cannabis Rollout Delays, Marijuana Companies, Advocates Grow Irritated

New Jersey Senate president Nick Scutari (D) called delays in rolling out the state’s legal marijuana market unacceptable and is intending to form a special legislative committee to explore the issue through oversight hearings.

Though there have been a variety of opinions on the state’s timeline for legalization implementation, publicly-traded cannabis companies and advocates are pushing to get legalization up and running and have been outspoken about the delays.

Cannabis Companies Disappointed

Curaleaf Holdings (NASDAQ: CURLF founder and chairman Boris Jordan didn’t hide his feelings when the news hit last week.

"Frustrating day in NJ – once again, the goal posts have been moved & the will of the people and the Governor is being ignored! We will continue to fight for what the NJ voters decided they want – a safe & regulated adult-use cannabis marketplace," said Jordan, who will be delivering a keynote at the Benzinga Cannabis Capital Conference, in a Tweet.

Other companies, such as Tilray TLRY,  Sundial SNDL, Canopy Growth CGC, Cronos Group CRON and Aurora Cannabis ACB are also having to cool their heels as they wait for New Jersey’s legal marijuana market to get underway.

Representatives of the state’s cannabis industry are not too happy either. The New Jersey Cannabis Trade Association said in a statement that it “remains optimistic that the CRC will sooner rather than later open the adult-use cannabis market in New Jersey, though we admit to being disappointed with today’s decision to further continue its delay.”

Meanwhile, Gov. Phil Murphy (D) is urging patience and contends that the adult-use market will open within “weeks.” While Senate president Scutari said in a press release on Tuesday, that the “delays are totally unacceptable.”

It has been well over a year since New Jersey voters approved adult-use cannabis. 

The Senate president, who supported recreational legalization said he intends to form a bipartisan special committee and will be asking the Assembly to participate as well to form a joint panel that will investigate the reasons behind the delayed rollout, reported Marijuana Moment

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisGovernmentNewsPenny StocksRegulationsPoliticsSmall CapLegalMarketsGeneralBoris JordanGov. Phil MurphyNew JerseyNick Scutari
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.