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On Thursday March 24th, the New Jersey Cannabis Regulatory Commission Board recommended approval on 68 applications for conditional licenses. This cohort includes 50 Class 1 Cultivator applications and 18 Class 2 Manufacturer applications for adult use. The regulator commented upon the status of all the applications received since the window opened on December 15, 2021:
As of March 11, 2022, the CRC has received 389 number of applications, including:
Of the 389 applications received, 371 applications have begun the review process (number of all applications receiving at least priority verification). Of those that have begun the review process, 184 applications have been found incomplete and have been returned to applicants to cure and resubmit.
In the rulemaking process, the commission established several categories of cannabis business types and license applications:
It is very important to note that conditional licenses are temporary licenses that will be required to submit organizational and personal information to ensure they are compliant with the law, attest they will comply with a criminal background check, and provide a business plan and regulatory compliance plan. At the time of application, all owners with decision-making authority of the conditional license applicant will need to prove that they made less than $200,000 in the preceding tax year or $400,000 if filing jointly.
If approved and issued a conditional license, a conditional license holder will then be required to have a permanent site for their business, gain control of the property through lease or purchase, gain municipal approval, and submit a conditional conversion application that includes standard operating procedures for the business, an environmental impact plan, a workforce development plan, and a security plan.
Importantly, conditional license holders are NOT authorized to cultivate, manufacture, sell, or otherwise possess cannabis or cannabis items. Conditional license holders ARE authorized to move forward in the application process and submit to convert to a full annual license through an abbreviated application process.
A dozen companies chose to vertically integrate by getting cultivation and manufacturing licenses. Eight of the pairs are Standard Licenses while four are Micro:
And here is the entire list in alphabetical order:
The commission provides little in the way of identifying information nor does the Secretary of State. Our research team will be combing through available information to see what linkages are available to known companies in the industry.
Ed Keating is a co-founder of Cannabiz Media and oversees the company’s data research and government relations efforts. He has spent his career working with and advising information companies in the compliance space. Ed has managed product, marketing, and sales while overseeing complex multijurisdictional product lines in the securities, corporate, UCC, safety, environmental, and human resource markets.
At Cannabiz Media, Ed enjoys the challenge of working with regulators across the globe as he and his team gather corporate, financial, and license information to track the people, products, and businesses in the cannabis economy.
Ed graduated from Hamilton College and received his MBA from the Kellogg School at Northwestern University.