Feb 13 Updates from the New Jersey Regulatory Commission

The New Jersey Cannabis Regulatory Commission (CRC) had its monthly meeting on February 8, 2023. Below are some of the key takeaways from the meeting:

• Officials from the NJ EDA spoke about the new grant program they are offering to licensees. Two products will be offered: one for social equity applicants with a conditional license and another for all other licensees who already have real estate and municipal approval. The social equity grant will be $150,000, and the other for $250,000. The purpose of the grants is to provide working capital to licensees—more information to come on this grant program.
• The cap of 37 cultivators is set to expire on February 22, 2023. The CRC announced that this cap would not be renewed.
• The vertical integration ban will expire on February 22, 2023. The CRC has also announced that this ban will not be renewed, opening the door for vertical integration for those in the adult-use space.  A license holder in the adult-use market will soon be able to hold one cultivator, one manufacturer, one retailer, and one delivery license concurrently or hold one wholesaler and one distributor license concurrently.
• Readopted adult use rules are set to expire on February 15, 2023. New rules will be effective March 6, 2023.
• Notice of Application Acceptance for Adult-Use Cannabis Licenses was modified to increase the priority of social equity applicants.
• The CRC awarded additional conditional, conditional conversion, and standard licenses. Congratulations to all of the awarded license holders!

For questions regarding any of these takeaways, feel free to contact a member of our cannabis team here.