New Jersey announces it’s doubling the number of medical marijuana businesses
Good news! Today, the New Jersey Department of Health announced that it will begin accepting applications for six additional businesses that can grow, process, and sell medical cannabis in the state. The winning businesses are supposed to be announced on November 1. Unfortunately, there is no provision yet for equity applicants, although applicants may be awarded up to 50 (out of 1,000) points for diversity.
With the tiny number of existing businesses, patients have experienced supply shortages and high prices due to a lack of competition. Today’s expansion should help begin to address these problems, although more will need to be done. Separating the licenses for growing, processing, and selling cannabis will help make many more types of products available to patients, and the health department plans to consider additional applications for these licenses beginning in the fall.
In other news, while the June 30 budget deadline came and went without legislative action on any of the pending marijuana bills, Senate President Steve Sweeny has said he believes there could be a vote on legalizing and regulating this summer.