The New Jersey Cannabis Microbusiness License: An Entrepreneur’s Guide

Cannabtimes

<![CDATA[On Feb. 22, 2021 Gov. Phil Murphy signed into law the Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act, which established the framework for a legal, adult-use cannabis industry in New Jersey. By some estimates, recreational cannabis may grow to be a billion-dollar industry in the state over the next few years. Many have worried that much of this growing economic pie may be grabbed by large, well-capitalized cannabis companies from out of state that have already established themselves in those other markets where recreational cannabis was legalized earlier than New Jersey.Enter the microbusiness license.Per New Jersey’s cannabis licensing laws, a microbusiness is a cannabis business with strong established connections with New Jersey that is subject to certain size and operational limitations. A significant number of licenses to operate in the cannabis industry will be earmarked solely for such microbusinesses. As such, microbusinesses will only need to compete against one another during the application process, rather than needing to compete directly with larger, more established businesses. This potentially gives entrepreneurial start-up companies seeking to delve into the cannabis industry a path forward without getting pushed aside by multi-state operators (MSOs) in the frenzy once New Jersey begins accepting applications.To qualify as a microbusiness, the business must meet the following criteria:All of the owners of the business must be current New Jersey residents, and must have resided in New Jersey for the past two consecutive years.At least 51% of the owners, directors, officers, and employees must be residents of the municipality where the business will be located (or at least an adjoining municipality).The business can have no more than 10 employees.The business operating space can be no more than 2,500 square feet (and in the case of cultivators, can have a height of no more than 24 feet).There are various limitations…

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Source : The New Jersey Cannabis Microbusiness License: An Entrepreneur’s Guide

reposted by Cannabis News World

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