Don't worry, NJ - more cannabis is on the way!
This week, the New Jersey Cannabis Regulatory Commission released a statement announcing the approval of the first 18 annual licenses for cannabis businesses. Eight of the applications were for direct to annual license applicants, and 10 were applications to convert existing conditional licenses to annuals.
“This is a special milestone for the Commission and for New Jersey’s new legalized industry. With the awarding of eight cultivation licenses and three manufacturing licenses we are setting good groundwork for New Jersey’s cannabis market,” said Commission Chairwoman Dianna Houenou. “We hope to see these facilities up and running as soon as possible to be local Garden State suppliers to the seven retailers who also got their annuals today and the others that will be licensed in the future.”
297 more conditional licenses were also approved today, bringing the total number of conditional licenses awarded since March to 801.
Other actions taken by the Commission today included:
Extending the length of time certain conditional license awardees have to apply for conversion to an annual license, and
Increasing the Social Equity Excise Fee cultivators will pay for 2023 to $1.52 per ounce (from $1.10 per ounce).
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