Rex_Wholster/iStock via Getty Images
The legal sale of recreational cannabis in New Jersey, which was expected to begin late next month, will be delayed as a government official expressed concern there will not be enough marijuana supply for both medicinal and recreational customers.
At a Thursday meeting of the New Jersey Cannabis Regulatory Commission (“CRC”), Executive Director Jeff Brown said there wasn’t enough evidence that supply wouldn’t be a concern, NJ.com reported. Brown added that there needs to be an additional 100K pounds of marijuana available to meet demand.
It is expected that eight medical marijuana dispensaries would be the first locations to sell recreational pot.
State law requires 30-day notice before recreational sales can begin. The CRC has scheduled a special meeting meeting for April 11, meaning the earliest recreational marijuana sales would happen in the Garden State is mid May.
In a statement, the New Jersey Cannabis Trade Association said that it was disappointed in the delay, noting that state voters approved adult-use cannabis sales in November 2020. The organization added that the new market will lead to 19K new jobs and contribute money to the state’s coffers.
Separately, the CRC approved 68 cultivators and manufacturers for conditional licenses. However, NJ.com reported that those won’t be open for business until the fall at the earliest.
Cannabis multi-state operators with interests in New Jersey: Acreage Holdings (OTCQX:ACRHF -1.0%); Columbia Care (OTCQX:CCHWF +4.1%); Curaleaf Holdings (OTCPK:CURLF +0.6%); Green Thumb Industries (OTCQX:GTBIF -0.1%); TerrAscend (OTCQX:TRSSF +0.2%); and Verano Holdings (OTCQX:VRNOF +0.4%).
In late February, N.J. Gov. Phil Murphy (Dem.) touted that recreational marijuana sales would begin “within weeks.”
