In a landmark move for the cannabis industry, New York and New Jersey have granted 137 new cannabis licenses – 36 in New Jersey, 101 in New York, signaling significant expansion into the adult-use market.
New Jersey’s Leap Forward
The New Jersey Cannabis Regulatory Commission (NJCRC) celebrated its third anniversary by approving 36 new licenses for pot use in the adult-use market, HEADYNJ reported.
These licenses are in addition to the 120 retail stores already operating in New Jersey. With 131 applications being considered and another 303 needing more information, there is both social interest and pressure.
Despite being awarded 548 annual licenses, nearly 72% of these have yet to open due to approval and construction issues.
However, the state has made great strides with 236 operating licenses and permits issued, demonstrating a commitment to expanding the market responsibly.
In particular, New Jersey is working to ensure diversity and social equity in its cannabis market. Of the licenses issued for adult-use cannabis, 17% are owned by social equity applicants, and a whopping 71% are diversely owned, demonstrating a commitment to inclusivity through social equity programs, which have been hardwired into the New Jersey legalization model.
New York is also expanding
At the same time, New York’s Cannabis Control Board approved 101 new licenses, Syracuse reported.
This equates to a 30% expansion in marijuana licenses for retail applicants. The procedural change aims to streamline the application process, allowing provisional licensees up to a year to secure a location and final approval. This move is expected to significantly accelerate the pace at which new dispensaries open their doors to the public.
Read also: New Yorkers will rally for the SMOKEOUT Act and against illicit pot shops: here’s where and when
New York’s cannabis landscape now has over 100 operating dispensaries, with the total number of licensed cannabis businesses reaching 324. This expansion includes a wide range of businesses, from retailers to growers, distributors and processors.
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