It's A Green Day In New York: 137 Cannabis Licenses Granted, New Jersey Still In The Lead

In a landmark move for the cannabis industry, New York and New Jersey have granted 137 new cannabis licenses – 36 in New Jersey, 101 in New York, signaling a significant expansion in the adult-use market. 

New Jersey’s Leap Forward

The New Jersey Cannabis Regulatory Commission (NJCRC) celebrated its third anniversary by approving 36 new weed licenses for operation in the adult-use market, reported HEADYNJ. 

These licenses are in addition to the 120 retail stores already operating in New Jersey. With 131 applications under review and another 303 needing more information, there is both social interest and pressure.

Despite the award of 548 annual licenses, nearly 72% of these are yet to open due to town approval and construction issues. 

Yet, the state has made significant strides with 236 operating licenses and permits issued, demonstrating a commitment to expanding the market responsibly.

Notably, New Jersey is making efforts to ensure diversity and social equity in its cannabis market. Of the licenses issued for adult-use cannabis, 17% are owned by social equity applicants, and a whopping 71% are diversely owned, showcasing a commitment to inclusivity via social equity programs, which were hardwired into NJ’s legalization model.

New York Is Also Expanding

Simultaneously, New York’s Cannabis Control Board approved 101 new licenses, reported Syracuse.

This equals a 30 percent expansion in marijuana licenses to retail applicants. The procedural change aims to streamline the application process, allowing provisional licensees up to a year to secure a location and final approval. This move is expected to significantly quicken the pace at which new dispensaries open their doors to the public.

Read also: New Yorkers To Rally For SMOKEOUT Act & Against Illicit Weed Shops, Here’s Where And When

New York’s cannabis landscape now has over 100 operational dispensaries, with the total number of licensed cannabis businesses reaching 324. This expansion includes a diverse array of businesses, from retailers to cultivators, distributors and processors.

The East Coast cannabis industry is always a topic of interest at the Benzinga Cannabis Capital Conferences and the April 16-17 event in Hollywood Florida will be no different. Join us at the two-day event at The Diplomat Beach Resort for a chance to meet entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

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