Authored By: Patrick McKnight

Patrick McKnight is a JD/MBA student at Rutgers University and a Senior Editor on the Rutgers Business Law Review.

Learn more about Patrick at his LinkedIn

https://www.linkedin.com/in/patrick-mcknight-802a4958/

 

New Jersey’s long-awaited sixth medical cannabis dispensary opened in Seacaucus last month. Harmony Dispensary is only the second location to open in the heavily populated northern part of the state. “Our system of continuous planting and harvesting has already provided an inventory that should help alleviate any bottlenecks or pent-up demand in the state at this time,” said Shaya Brodchandel, the Harmony Foundation’s chief executive officer. Their strains are currently retailing at $480 an ounce.

Up to 100 new patients a day have been enrolling in New Jersey’s medical marijuana program since Governor Phil Murphy took office. Murphy had promised legalization of adult recreation use in his first 100 days in office, a promise which did not come to fruition. Murphy did take executive action to expand the medical cannabis program, but with the maximum number of dispensaries now open and enrollment growing, many are concerned a limited supply will begin to increase prices. The total number of enrolled patients is now more than 23,200 with 5,000 of them added this year.

The push for the legalization of recreational adult use stalled earlier this month when debates over the budget and New Jersey’s fragile fiscal situation overshadowed cannabis legislation. Legalization is expected to generate $1 billion in revenue in its first twelve months, including up to $80 million in taxes.