New Jersey’s Laws Are Being reviewed to accommodate a new cannabis industry that will create jobs, increase tax revenues and launch ancillary businesses. Law firms are actively involved in shaping this market for clients that want to invest and operate companies that will face conflicting state and federal laws. COMMERCE asked the Cannabis Practice Leaders at New Jersey’s top law firms to game out the legal landscape facing this growing industry in the Garden State.
Besides issues with banks accepting cannabis-related money, the biggest challenge will be compliance—regulations regarding growing, per-person purchase limits, and precise labeling and packaging requirements. Some states that have legalized recreational marijuana have seen 100,000 jobs created so far, from seed harvesters to growers, warehouse workers to security services, and delivery and transportation services to whole-sale distributors and shop ownership. Where legal, cannabis is heavily taxed, with some states seeing annual revenue increases of hundreds of millions of dollars. Depending on the scope of New Jersey’s legislation and the resulting size of the recreational industry, we could experience similar increases, but it’s too early to give even a rough estimate. That’s all a direct benefit from the cannabis sector. We also expect to see cottage industries spring up, multiplying the beneficial effects.
Click to read the full article: “Growing Business Opportunities in NJ’s Cannabis Industry: A Legal Perspective“