Big Changes Coming To New Jersey's Cannabis Market And Weed Giants Pay Fines

Cannabis regulators in New Jersey will begin accepting applications later this month for three more marijuana license categories.

Starting September 27, the New Jersey Cannabis Regulatory Commission (NJ-CRC) will exclusively accept applications from social equity businesses for wholesalers, distributors and delivery services, the NJ Cannabis Regulatory Commission announced in a press release.

Three months later, on December 27, diversely-owned businesses will be allowed to apply for new licenses; the process will be open to all applicants starting March 27.

"Now that New Jersey's market is on the cusp of 50 operational cannabis retailers, opening up applications for delivery services, wholesalers, and distributors will help New Jersey's market serve consumers better," Jeff Brown, executive director of the NJ-CRC, said.

Takeaways From NJ-CRC Meeting

At the Friday meeting, the commission approved 93 adult-use licenses and allowed more edibles into the state's medical and recreational cannabis markets, reported Heady NJ.

According to the NJ-CRC chief counsel Christopher Riggs, the commission's members voted 4-0 for including cannabis edibles such as chocolates, various baked goods like cookies, butter, jams, and convenient single-serve beverages.

According to Brown, it may take up to six months to complete the formal approval process for NJ cannabis edibles. However, he added that they're eager to speed up the process.

"These will enable us to approve some products," Riggs said. "If approved today, we can start accepting submissions next week."

Cannabis Companies Fined

Meanwhile, two cannabis multi-state operators, TerrAscend Corp. (TSX: TSND) TSNDF and Columbia Care Inc. CCHW CCHWF 3LP, were fined for labor issues to the tune of 100 000 and $50 000, respectively. Both operators implemented their corrective action plans, Brown said.

Jason Wild, TerrAscend's executive chair, will undoubtedly shed some light on the issue at the upcoming Benzinga's cannabis event where he is a keynote speaker.

The Benzinga Cannabis Capital Conference is returning to Chicago on Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment, culture, advocacy and branding.

Photo: Courtesy of JSmed, 7raysmarketing by Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisGovernmentNewsPenny StocksRegulationsPoliticsSmall CapMarketsGeneralCCCChristopher RiggsJason WildJeff Brownmarijuana legalizationNew Jersey Cannabis
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!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!