NJ issues nearly twenty annual recreational cannabis business licenses

Selling adult cannabis in New Jersey started on 21.04 over seven existing medical cannabis operators.

Now, New Jersey Cannabis Regulatory Commission (CRC) approved the first 18 year licenses for cannabis businesses. “Eight of the applications were for applicants for direct-to-annual licenses and 10 were for applications to convert existing conditional licenses to annual licenses,” reads the official announcement.

“This is a special milestone for the Commission and for New Jersey’s newly legalized industry. With the issuance of eight cultivation licenses and three manufacturing licenses, we are laying a good foundation for the New Jersey cannabis market,” he said Diana Houenou, commission chairman.

“We hope to have these facilities operational as soon as possible to be local Garden State suppliers for the seven retailers who also received their annuals today and for the others who will be licensed in the future,” said houenou added.

As MJBiz Daily reportedthe CRC also:

• Approved 297 additional conditional licenses, bringing the total number of permits issued since March to 801.
• Extension of the deadline for certain conditional licensees to request conversion to an annual license.
• Raising the social justice excise tax farmers will pay for 2023 from $1.10 an ounce to $1.52 an ounce.

Michigan votes on the fate of cannabis companies

Next month, Marijuana will be available for voting in at least 32 communities across Michigan. Voters will answer whether the municipality should allow marijuana retailers and growers to operate in the state.

Lately, Alan BrochsteinCFA and founder of New Cannabis Ventures and 420 Investor, reported that in September Cannabis sales in Michigan increased 2% compared to August and increased 31.4% year-on-year to a record $212 million.

However, stakeholders blame illegal market products entering the regulated market, as well as the lack of commercial space…