18 Jun Large Firms are entering Nj marijuana market
As New Jersey continually attempts to improve the marijuana legislation, plenty of marijuana companies opt for moving their headquarters in this area. Only the idea of having medical marijuana legalized in New Jersey attracts many firms that seek to benefit from the legalization of cannabis. And since the topic heated up back in 2019, plenty of marijuana companies submitted requests for receiving a marijuana license in New Jersey.
One of the most notable international cannabis firms that expanded its business endeavors in New Jersey is Canopy Growth. They purchased Acreage Holdings, but at the same time, plenty of competitors made a move in the industry, including the Harvest Health and Recreation, which purchased Canna Pharmacy. All such market endeavors were enabled and encouraged by the continuous and rapid changes the cannabis law experiences in New Jersey. As for today, it is simpler to enroll, request, and receive a license of New Jersey medical marijuana than it was before. And CBD edibles are welcomed with more malleability than it was the case back in 2010.
So, Canopy Growth invested around $300 million, yet the exact details of the deal and merger weren’t fully disclosed to the public. But we can say for sure that they benefited greatly from the $4 billion investment they had in 2018 from Constellation Brands. Overall, this cannabis powerhouse seeks to take advantage of the New Jersey legislation concerning medical marijuana and CBD edibles, which is why they estimate that by 2021 their business will rapidly grow into something impressive.
But despite the fact that large firms are entering the New Jersey marijuana market, plenty of people don’t agree with either the legalization of the marijuana business growth. A lot of criticism still revolves around this industry, and many believe such marijuana companies only seek to make a profit. Many fail to see that the legislation is so restrictive that in order to get a permit for medical marijuana in New Jersey, you will need to pass numerous verifications. We can say that even though the New Jersey marijuana law is still under revision, the process for receiving a license makes a lot of difference. This allows people access to some of the best CBD edibles or medical marijuana, as the goal is to ensure the best cultivation, manufacturing, and distribution practices.
As for today, a marijuana company in New Jersey can request only one permit, but the firm itself undergoes a lot of verifications, especially from the part of the Health Department. The Medicinal Marijuana Program underlines the need for rigorously selecting distributors and approve their business with the goal to make sure there is no public safety concern. Also, other verifications are enacted, including background checks for criminal or legal issues.