New Jersey marijuana regulators are accepting public comments on a proposal that would create a new permit to allow “clinically focused” dispensaries to enter into partnerships with research institutions to carry out cannabis studies using products that they grow or sell to patients. The New Jersey Cannabis Regulatory Commission (CRC) said it is seeking to amend the state’s marijuana law to create “clinical registrant permits” that would allow more targeted research into “the therapeutic or palliative efficacy of medical cannabis,”… Read more.
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Tag: New Jersey
With cannabis stock prices stalling and sliding over the past few years, companies increasingly have turned to debt financing as a means of raising funds. Last year, debt made up more than 90 percent of capital raised by American cultivation and retail companies and 55.7 percent of capital raised in the United States industry overall, according to data collected by strategic advisory firm Viridian Capital Advisors. In October 2022, multistate operator (MSO) TerrAscend Corp. secured a $45.5-million loan from real estate… Read more.
Red tape, illicit market competition, and a lack of enforcement by regulators have all created a “doom loop” for licensed cannabis companies in New Jersey, one of the state’s leading trade organizations claimed in a recent report. According to the New Jersey Cannabis Trade Association, the state has been too slow to act on processing new business permits and dragged its feet on combatting the illicit market, The Philadelphia Inquirer reported, which has the trade group warning that business conditions need to… Read more.
After testing positive for THC in a drug test, a police officer in Jersey City, New Jersey, faced dismissal. However, in a recent development, the officer, Norhan Mansour, has been reinstated to his position, complete with retroactive pay. Notably, this incident occurred well after Gov. Phil Murphy had signed a bill legalizing adult-use cannabis in New Jersey back in 2021, paving the way for sales to commence in April 2022. Following the bill's enactment, the Jersey City Police Department made it clear that… Read more.
Newark, New Jersey’s Central Planning Board on Tuesday approved plans by Architect Rachael Grochowski and Hashstoria to renovate a historical building in the city – the former home of engineering firm A.R. Meeker & Co and Stoutenburgh & Co. Newark Clothiers – for a cannabis consumption lounge. Hashstoria is co-founded by Raekwon of the Wu-Tang Clan, civil rights attorney Bakari Sellers, and radio, tv personality, and mental health advocate Charlamagne tha God. Hashstoria currently has locations in Astoria, Gladstone,… Read more.
Now that most of New England has legalized cannabis in some form or another, it’s worth looking at which states are the largest markets. While the smaller states with the least population are expected to be the ones with the lowest total sales, the largest state – New York is lagging. In just five years, Massachusetts has become the leader in the region having reached the billion mark in just two years. New Jersey is in second place, but quickly… Read more.
With nearly 100 companies in line to be approved by the state to open a cannabis retail store in the next few months, New Jersey will soon add to the already 34 dispensaries dotting the state. Adding to this burst of approvals, CRC Chairwoman Dianna Houenou recently said more varied products produced in the state and improved access for medical marijuana patients will also expand the market. Houneou will be among the featured speakers at NJ Cannabis Insider’s summer business networking event from 6-10… Read more.
In April, cannabis giant Curaleaf received a disconcerting notification from the New Jersey Cannabis Regulatory Commission (CRC) indicating regulators planned to deny license renewals for almost all the sprawling multistate operator’s locations in the Garden State. The notice cited a recent cultivation facility closure, staff reductions, and clashes with labor unionization efforts as justification. The development quickly drew the ire of Chief Executive Officer Matt Darin. An otherwise amiable and upbeat fellow, he wasted no time in responding to the unprecedented CRC… Read more.
All employees at Curaleaf Holdings’ New Jersey cannabis retail operations have now unionized with the United Food and Commercial Workers (UFCW) Local 360. According to the UFCW, workers at the multistate operator’s store in Bordertown on Thursday became the last to vote for unionization. That’s a trend in the marijuana space nationwide but particularly in pro-union markets such as California, Illinois and Massachusetts. “Every Curaleaf employee in the state is joining the UFCW,” UFCW Local 360 President Sam Ferraino said in a… Read more.
A New Jersey Senate committee held a hearing on Monday to discuss a bill that would legalize the possession, home cultivation and gifting of psilocybin mushrooms for adults 21 and older while also creating a system of licensed businesses to provide access to the psychedelic and related services in supervised settings. The Senate Health, Human Services and Senior Citizens Committee took up the legislation from Senate President Nicholas Scutari (D)—hearing testimony from experts and people whose lives have been directly… Read more.
The New Jersey Cannabis Regulatory Commission (CRC) unanimously voted 5-0 to withdraw marijuana cultivation and manufacturing licenses from an operator in the state due to outstanding fees, as reported by MJBiz. Harmony Foundation, the operator that runs the sole adult-use dispensary in Hudson County, made a partial payment of $100,000 for its Class 5 retail license but failed to pay for its Class 1 cultivation and Class 2 manufacturing permits. Despite the license revocation, Harmony is still allowed to sell recreational… Read more.
Regulators revoked the manufacturing and cultivation permits, but allowed Harmony to keep its retail license. A vertically integrated New Jersey cannabis company had several of its business licenses yanked this week by regulators, who said the revocations were due to $700,000 in unpaid permit fees. According to NJBiz.com, the state Cannabis Control Commission on Thursday voted unanimously to revoke Harmony Foundation’s recreational permits for cultivation and manufacturing that were just granted in December, saying that state fees for those permits… Read more.
New ground is about to be broken in New Jersey. NJBIZ reports that Tahir Johnson — the owner of Simply Pure Trenton — is set to become the first entrepreneur with a cannabis-related conviction to own and operate a legal-use dispensary in New Jersey. “We’re really proud to be opening and excited to show the community what we’re doing and show that we can compete at a high level,” Johnson said, according to the outlet. “I don’t want to just be the best Black-owned… Read more.
A newly proposed limit on the number of cannabis dispensaries that can open in Jersey City and its wards could be coming soon to the city’s burgeoning industry, along with changes to how applicants get prioritized for approval. The city council’s proposals, which will first be voted on Wednesday to be sent for planning board review, would cap the number of retail cannabis dispensaries citywide to 48 and the amount in each of the six wards at eight. (Full Story) Read more.
Saturday marked another first for the New Jersey cannabis industry – the grand opening of the Garden State's first standalone retail dispensary, Earth & Ivy, in New Brunswick. Earth & Ivy is not a medical treatment center and can’t fulfill state Medicinal Cannabis Program orders from doctors, but medical marijuana patients will receive a discount. Not only is the dispensary, located on George Street, the first of its kind, but it is also the youngest-owned dispensary in the country, with an average… Read more.
No updates were provided on the timing for sale close. Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported modest first-quarter growth, despite economic headwinds and the closure of several retail locations, according to the cannabis company’s financial results for the period ending March 31, 2023. The U.S.-based cultivator, manufacturer, and retailer of cannabis products said its top-line revenue grew 1% from the same quarter in 2022 to $124.5 million. The growth beat expectations by $1.3 million and was largely driven by strong performance… Read more.
The governor of New Jersey has signed a bill into law that will allow licensed marijuana businesses to deduct certain expenses on their state tax returns—a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E. Gov. Phil Murphy (D) signed off on the legislation from Assemblymember Annette Quijano (D) on Monday, without a formal ceremony. This comes about three months after the legislature approved the measure with amendments.… Read more.
Four New Jersey police officers are preparing to sue Jersey City after being fired for testing positive for marijuana—despite being protected under the state’s cannabis legalization law and guidance from the state attorney general. The Jersey City officers said that they used cannabis, purchased from licensed dispensaries, while off the job. That activity should be legally protected, as the state Constitution prohibits employers from taking adverse action against workers solely for marijuana activity that’s been made lawful. But Jersey City… Read more.
Sen. Cory Booker (D-NJ) says that lawmakers are working to “resurrect” a package of marijuana reform legislation from last session, acknowledging that failure to advance a banking fix for the industry “literally means that hundreds of businesses go out of business.” Advocates with the non-profit Minorities for Medical Marijuana (MMM) approached Booker following a Senate Judiciary Committee hearing on unrelated issues on Thursday, urging the senator to push for passage of the Secure and Fair Enforcement (SAFE) Banking Act to… Read more.
New Jersey cannabis regulators on Thursday declined to renew the license of Curaleaf to grow and sell cannabis for the state’s adult-use market, the New Jersey Monitor reports. Curaleaf is a multistate cannabis company and the biggest player in New Jersey’s cannabis industry. With the denial, Curaleaf’s adult-use license expires on April 21; it’s unclear what the move means for the company’s medical cannabis patients. The vote came a month after Curaleaf said it confirmed to state regulators that it was closing one of its cultivation facilities and… Read more.
Assume, for a moment, you want to get high. And you want to do it on the cheap. For around $300, you can drive to Massachusetts, pick up an ounce (about $200), and drive back. For $450, you can even hop on a flight to Denver, buy an ounce (about $40) and fly back. There are flaws with these plans. After all, it's still a felony to transport even legally-purchased cannabis across state lines, even between states that allow it.… Read more.
A New Jersey hemp company is suing a Massachusetts biotech company claiming it operated a “Ponzi scheme” by using more than $700,000 it raised from the firm to fund its own projects, Salem News reports. In its lawsuit against the Salzman Group, Delta Technologies claims the drug development company took their money and used their machinery in other, failed, projects. According to the lawsuit, Salzman Group Chairman and CEO Dr. Andrew Salzman agreed to put together a “large team of scientists” to help Delta and its… Read more.
The sites of two defunct South Jersey diners may soon go from serving breakfast to bud as cannabis businesses in the Garden State look to give them new life as marijuana dispensaries. Plans are underway to convert the closed Marlton Diner in Marlton and Mount Laurel’s Sage Diner to cannabis shops, as first reported by the Courier Post. A firm known as Enlighten Health & Wellness LLC will operate the former Marlton Diner location on Route 70, and NJ Green… Read more.
On March 8, the state’s largest and most comprehensive cannabis business conference will feature more than 40 vendors and 29 speakers, offering just about everything a Garden State legal weed operator needs to know and the people they need to meet to succeed. Doors open at 9 a.m. with the keynote speaker, the state’s top cannabis regulator Dianna Houenou, opening the all-day event at 10 a.m. at the DoubleTree Hotel at the Newark Airport. Tickets are on sale now for the conference. A select… Read more.
New Jersey's Casino Reinvestment Development Authority approved a proposal that would bring a 10,000-square-foot cannabis dispensary and lounge to Atlantic City's historic Claridge Hotel and former gambling casino where Marilyn Monroe once judged the Miss America Pageant. The Claridge Hotel, which opened in 1930 during the Great Depression as the last of the great hotels built near Atlantic City's Boardwalk, is making space for the High Rollers Dispensary on what used to be its casino floor. The Claridge is now a stand-alone hotel with no gambling. Because the Claridge does not technically… Read more.
March 2023 marks the fifth anniversary since NJ Cannabis Insider launched with a weekly newsletter and seasonal conferences. With the market open for nearly a year, hundreds of companies permitted to open cannabis operations, and more to come, this will be our biggest business conference, yet. For March 8, NJ Cannabis Insider’s all-day conferencewill be the state’s largest business networking event, featuring more than two dozen speakers and several new features to mirror what’s happenings in the industry. Tickets are on sale… Read more.
Women-led multi-state operator The Flower Shop is focused on curating a larger selection of cannabis flower and products in a growing number of state markets. The company showcases artisan and craft cannabis products in a reimagined retail setting tailored to appeal to both men and women. “We operate in Arizona, Utah, New Jersey, and we will be going to Florida—hopefully soon,” says President of The Flower Shop Greta Brandt, as the company is currently securing licensing in the newer states. As president… Read more.