New Jersey voters approved a ballot measure, that legalized the use and possession of recreational marijuana in the state effective January 1, 2021. Enabling legislation and related bills were signed into law by Governor Phil Murphy on February 22, 2021.
The Cannabis Regulatory Commission (CRC) will be responsible for regulating and licensing cultivation, processing, and retail sales of recreational marijuana in the state. They are given six (6) months to establish business regulations and shall begin accepting applications within thirty (30) days after the initial rules and regulations have been adopted.
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What can you do right now?
You need to be well-prepared for when the state will begin accepting licensing applications, which is scheduled to happen around September 2021.
If you start preparing when the state announces details, you’ll probably be too late – we see it happen all the time. See some of the things you should be doing right now below.
1. Learn everything you need to know, do, and prepare.
Now is when you need to know what to do, what to expect, and how much it’s going to cost in order to get ahead of your competition. You can spend the next 6 months reading through all the legal documents and hopefully figure it out perfectly so you can then get started. Or you can save yourself a bunch of time, hassle, and wasted money by letting us show you everything via a Starter Package.
2. Figure out what business type is best.
You should know what type of marijuana business will be a good fit for you, your partners, your budget, and skill set. So many clients start out wanting one business and realize another is actually a better fit for them. Did you know there’s upwards of 10 different types of marijuana businesses available to you? Get this wrong and you may have to start all over from square one.
3. See how much money you need.
Most people completely underestimate how much it costs to actually start a recreational marijuana business. But they also underestimate how much money it can make. The How to Start a Recreational Marijuana Business in New Jersey package goes over typical budget scenarios for every type of business so you can understand real-world costs for this, including staffing positions and salaries.
4. Find a compliant business location.
Without a location, you won’t be able to have a recreational marijuana business – period. You’ll need this in order to apply for any license – you can’t apply and then find a location. It’s a rookie mistake that will torpedo your chances of success. Start working on this right now because a location is the make-or-break item for so many clients. This is why it’s extensively covered in the Starter Packages. Competition, costs, and everything associated with getting a location are extremely difficult and only get worse and more expensive the closer you get to the licensing period – so do not wait on this!
Get Started In 10 Minutes
You’ll be starting your dream business in under 10 minutes with our easy-to-follow Starter Packages.
Some of the things included:
- Step-by-step instructions.
- How much $$ you need.
- How to be 100% legal.
- How to find a location.
- Funding types available.
- Rookie mistakes to avoid.