TRENTON, N.J., Dec. 17, 2021 /PRNewswire/ — New Jersey’s cannabis market is about to explode in 2022. On December 15th, the New Jersey Cannabis Regulatory Commission (“Commission”) opened its Cultivation, Manufacturing, and Laboratory licensing window. According to the Commission’s press release, within the first four hours of the application submission portal’s opening, almost 500 individuals and entities established accounts. By 1:00p.m. the application portal was averaging approximately 155 new users per hour. Hopeful applicants are chomping at the bit to be approved for a license to operate adult use cultivation, manufacturing, retail, or other license types.
With this influx of applicants submitting on the State’s opening day, many industry hopefuls wonder if it is worth applying for a cannabis business operational license. However, according to Canna Business Services Founder and CEO, Emily Seelman, there may still be opportunity. Seelman stated, “Although it is hyper-competitive now, there is still enormous potential in the industry. Teams that submit applications on day one are not guaranteed a license. The Commission has implemented a pass/fail grading system and my expectation is that most applicants will get their applications sent back with requests for more information or corrected responses. This is quite common in pass/fail grading states, but it also gives other teams the opportunity to enter into the mix.”
Additional opportunities also exist for teams looking to start cannabis retail facilities, as well as distribution, delivery, and wholesale operations. Although the Commission is still defining the rules around the latter three license opportunities, retail business hopefuls can begin submitting their applications on March 15, 2021. This means that you have the opportunity to make progress towards creating compelling application narratives. According to Seelman, “Deciding to go it on your own is a tough route to take. We have seen too many people put all of their time, energy, and financial resources into rushing to the finish line, only to lose it all. This is why we recommend a cannabis consultant who can support your getting to the finish line.”
Her last piece of advice? “Do you not wait to start preparing for your application submission until the opening day. This delay could set you behind for months, while others establish their place in the market through brand recognition.”
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SOURCE Canna Business Services