The first 18 adult-use cannabis company licenses have been authorized by New Jersey regulators for the state's marijuana industry.
The New Jersey Cannabis Regulatory Commission (CRC) announced in an October 25 press release that it has approved 8 applications for annual licenses and 10 more for changing existing provisional permits into annual ones.
These new firms need conditional licenses as a crucial initial step before getting financing, real estate, municipal permits, and subsequently annual licenses.
In a statement, the director of the commission, Dianna Houenou, said, "We are creating the foundation for New Jersey's cannabis industry with the issuance of 8 cultivation licenses and 3 manufacturing permits.”
As soon as possible, we hope to have these facilities fully operational so that they can supply the seven Garden State retailers that received their annual licenses, as well as those that will receive licenses in the future.
On April 21, marijuana for recreational use went on sale at New Jersey's seven active medical cannabis businesses.
The 8 new crop licenses should aid in resolving persistent supply problems.
297 more conditional licenses were approved by the CRC, bringing the total to 801 since March.
The time for some conditional license holders to apply for conversion to an annual license was also prolonged by the CRC.
In addition, the CRC raised the Social Equity Excise Fee that growers will face in 2023 from $1.10 per ounce to $1.52.