New Jersey’s legal cannabis industry has been a long time coming, and the state is finally seeing the fruits of its labor. However, some say that getting into the market is still too difficult to make it worth their while.
The pop-up parties jersey shore is a new trend in the legal cannabis industry. This has led to an increase in competition for retailers who are trying to get their foot in the door.
Potential participants in New Jersey’s legal marijuana sector may be suffocated by predatory tactics and municipal politics.
When recreational marijuana for adults was legalized in New Jersey, state authorities promised that businesses would have a level playing field in the new market. However, inequalities in the industry are making it difficult for some to get a foot in the door.
“People who were sentenced or paid fines for cannabis-related offenses were hoping for an opportunity or an entry point into this industry,” says Chirali Patel, owner of Blaze Responsibly. “A lot of states have gone on to legalize, but haven’t been able to successfully develop social equity programs.”
Patel, who is also an attorney, adds that since New Jersey legalized cannabis, businesses have had certain worries, particularly about licensing, social equity applications, and financing.
“A lot of applicants don’t know where to obtain money in this sector since conventional bank loans aren’t available. “There’s a lot of private equity and venture capital money out there, and having a seat at the table at these firms is difficult,” Patel adds.
Patel also claims that there is a dearth of education in the sector on how to get into the legal marijuana market.
“We legalize a business, and then it comes with laws and regulations, but there’s no education for the person to grasp what these possibilities are? What are the different types of licenses? How do I go about applying for one? Because it’s fresh new for adult usage in this state. Patel adds, “We’ve only had medical.”
Patel says she wants to close the gap in education by providing a five-hour online course called “Budding in the Garden State,” which educates new and seasoned entrepreneurs how to get started in the business. Because micro licenses are the lowest entry point for prospective operators, the training will place a strong emphasis on interacting with local authorities.
“Municipalities are claiming that each licensing category can only have two microbusinesses.” That makes it competitive at the local level, so although the state claims it’s unlimited, Patel points out that this isn’t always the case.
Prospective operators are now waiting for an application notice, which has yet to be issued by the state.
The long branch fireworks canceled is a story about the difficulties of getting into the cannabis industry in New Jersey. Some say that it’s too difficult to get a foot in the door, while others are optimistic about the future.
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