NJ Sees $24M in Marijuana Sales, Grants New Licenses

By MIKE CATALINI, Related Press

TRENTON, N.J. (AP) — One month into existence, New Jersey’s leisure marijuana market has finished $24 million in gross sales and regulators on Tuesday voted to grant permits to almost a dozen new leisure hashish retailers of their first public assembly because the market opened to the general public final month.

How lengthy earlier than the brand new dispensaries open, although, is not clear, and there will likely be further regulatory hurdles earlier than the brand new retailers begin promoting to adults 21 and over.

Jeff Brown, the manager director of the Hashish Regulatory Fee, mentioned the assessment of the purposes — and unanimous approval on Tuesday — got here in about 70 days, underneath the 90-day mark he anticipated and amid stress from lawmakers to hurry up the regulatory course of.

The fee additionally accepted licenses for 21 new cultivators and 13 producers on Tuesday. The fee did not talk about the brand new candidates and — aside from the names of the companies — further particulars weren’t instantly accessible.

The state’s leisure marijuana laws requires 30% of licensees to incorporate folks of shade, ladies, and disabled veterans.

The fee will launch that info quarterly, starting in June, Brown mentioned.

Additionally made public for the primary time Tuesday had been particulars in regards to the first month of leisure marijuana gross sales.

The 13 amenities open for leisure gross sales did $24 million in enterprise, averaging about $5 million every week and conducting 212,000 transaction, in line with the fee.

The brand new licenses granted Tuesday are thought of “conditional,” which means that they are going to now be required to have a everlasting web site for his or her enterprise, acquire management of the property by means of a lease of buy, get municipal approval together with different working plans, in line with the fee.

Candidates for these sorts of licenses should show that they earned lower than $200,000 yearly or $400,000 if submitting collectively, a requirement aimed toward attracting smaller companies, in contrast with the bigger multistate companies working the 13 dispensaries already open to the general public.

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