- July 12, 2018
- Posted by: Jared Lerner
- Category: Economics
On January 2010, the Compassionate Use of Medical Marijuana Act (CUMMA) was passed in New Jersey. This legalized cannabis for medical purposes, but the previous administration made it one of the most complicated and restrictive in the country. On March 2018, Gov. Phil Murphy announced changes that will allow the medicinal program to expand. 20,445 patients are enrolled now, but the expected changes will enable more people to ask their doctor to recommend them to the program.
New Jersey cannabis laws do not allow patients to grow their own cannabis and they are instead required to acquire them through licensed New Jersey cannabis dispensaries. The state has been divided into three distinct districts- the northern, southern, and central regions- which are guaranteed at least two dispensaries also referred to as alternative treatment centers. All the licensed cannabis dispensaries in New Jersey are eligible to distribute and supply medical cannabis and cannbais-infused products to qualified patients.
The State of New Jersey’s Cannabis Market
The cannabis market in New Jersey has seen a spike thanks to the moves to increase the number of debilitating conditions as well as the number of ounces a patient can buy in a month. The number of registered patients is expected to double. A bill awaiting approval would allow for the operation of nearly 100 dispensaries, which would operate in conjunction with medical cannabis industries being developed. What’s even better is that the industry growth would be phased in to meet the growing demand. Medical sales for 2017 amounted to 31 million dollars, and it is estimated that sales for 2021 would reach 52 million dollars.
The application is currently closed, and you should take advantage by preparing your finances and business plans until the state re-opens their programs for licensing. Under the New Jersey cannabis laws passed in 2010, a businessperson will part with $2,000 when applying for an Alternative Treatment Center (ATC). In addition, you pay an application fee of $18,000, which must be submitted along with the application but will be destroyed if the application is not approved. There is also an annual permit renewal application fee of $20,000.
America Cannabis Company, Inc.
The licensing and application process is quite demanding and rigorous. Any mistake and you lose the chance and all the fees you’ve paid for. So, why not let the experts at America Cannabis Company, Inc. help you? When you work with us, we help you draft and submit all the plans, documents, and applications. Contact us to learn how to open a dispensary in New Jersey successfully and how we can help you beat the competition.