Thirteen of the state’s existing medical marijuana dispensaries will soon be able to sell legal weed to any adult over 21 years old after they received crucial approvals from the state on Monday.
The New Jersey Cannabis Regulatory Commission on Thursday approved seven applications for conversion submitted by Acreage Holdings, Ascend New Jersey, Columbia Care, Curaleaf, Green Thumb Industries, TerrAscend and Verano Holdings.
Those companies operate seven alternative treatment centers — the state’s official term for a medical marijuana entity that grows, manufactures and sells medical marijuana — as well as 11 satellite dispensaries across the state.
But only 13 locations have received municipal approval, due to towns opting out of the cannabis industry and situations where full approval hasn’t been granted yet.
A spokewoman for the CRC could not provide a list of approved locations as of press time.
Each of those locations will require a license from the CRC before retail sales can begin. The operators can apply for a license at any time
The commission on Monday also approved 34 additional adult use cannabis cultivation and manufacturing applications. Last month, the CRC issued 68 licenses to those same types of businesses.
“Adult use” is a term used by cannabis industry professionals to refer to the recreational, non-medical market.
Industry experts believe the New Jersey cannabis industry could eventually top $1 billion, with even more spoils if the state beats its northern neighbor, New York, to retail adult use sales.
Under the New Jersey marijuana legalization laws signed by Gov. Phil Murphy last year, adult use marijuana sales will be subject to the state sales tax of 6.625% and an additional “social justice excise fee,” a flat tax between $10 and $60 that increases as the price of cannabis decreases.