What was tied to ‘60s counterculture has become mainstream in 2021. New Jersey’s referendum on the ballot last year overwhelmingly passed the legalization of recreational marijuana. This past February, New Jersey’s legislature created Bill S21 that Governor Phil Murphy signed into law, regulating the sale of cannabis to anyone over the age of 21.
Although the implications of this new law are still a work in progress, the big news is that it presents a tremendous opportunity for multiple business sectors to get in on the ground floor of what promises to be a booming market. Marijuana Business Daily estimates that recreational use by adults in New Jersey will generate $850-$950 million by 2024 — which translates into new money and strong economic growth for the Garden State.
While the field is still evolving, now is the time to begin planning how cannabis can create new revenue potential for your business. The attorneys at Weiner Law Group are here to help. With extensive knowledge of this new and dynamic industry, we can guide you in identifying new cannabis-related opportunities for your business.
What are some industries that can benefit from cannabis legalization in New Jersey?
Entrepreneurs: For those looking to set up shop and open a dispensary, there will be plenty needed to keep up with demand. The Cannabis Regulatory Commission (CRC) oversees New Jersey’s marijuana marketplace and Weiner Law Group can help you navigate the stringent compliance process.
420-friendly tourism: Owners of hotels, motels and rental properties are taking note of the changing public attitudes toward weed and how it’s going to affect their business. In order to stay competitive, they will need to embrace cannabis-friendly travel, which will no doubt open the door to more business.
Real Estate: The cannabis industry requires vast amounts of space for plants to be cultivated, which explains why industrial real estate has become increasingly valuable. Additionally, climate control is vital to growing cannabis plants, which is why spacious warehouses are critical to growing operations. Real estate investors are needed to fund new construction projects that can add to New Jersey’s industrial real estate portfolio, which in turn can be rented out to cannabis cultivation operations or greenhouses.
Small Business/Local Merchants: Small bakeshops or candy shops can add to their product lines with new forms of edibles for their customers. Local merchants — everything from building supply stores and security services, to specialty stores and supermarkets — will have increased demand for their products and to accommodate demand.
Medicine: Perhaps one of the most obvious industries that could harness the power of marijuana for immense benefit is the pharmaceutical industry. New Jersey is home to 14 of the world’s 20 largest pharmaceutical companies, who may see an opportunity to incorporate cannabis into some of its products — a move that can yield potentially huge profits.
Law: Employers, investors, lenders, business owners, property owners, municipalities, growers, distributors and other ancillary service providers will require the advice and assistance of experienced attorneys, such as those at the Weiner Group, to help them navigate this legal minefield of complex state and federal laws.
Marketers: With cannabis now legal, messaging becomes key in educating the public about its uses and benefits, in addition to creating visibility for all manner of cannabis-related businesses on multiple media platforms.
The bottom line?
Increased tax revenues, job growth, and investment opportunities are all on the horizon with cannabis legalization, which will undoubtedly provide a boost to New Jersey employment and its economy. According to NorthJersey.com, the referendum calls for a 6.625% state tax on adult-use cannabis sales and permits municipalities to charge an extra 2%. State coffers are expected to receive an estimated windfall of $126 million annually from adult-use sales tax.
Because the field is still brand new in the Garden State, legal expertise is critical to help guide you. We’ll help you identify opportunities and navigate the stringent regulatory process to help you capitalize on this potentially lucrative industry. To arrange for a consultation, call Weiner Law Group at 973-403-1100.