A package of bills to help legalize recreational marijuana and expand medical use, which passed a join Senate and Assembly committee last week, has done little to provide clarity for those awaiting opportunity to apply for a license.
Patrick Harrity, an attorney with McCarter & English focused on startup and emerging growth practices, said one of the things he is most interested in is transfer restrictions for licenses.
That is something that will be addressed by the regulatory commission.
So, what are the key provisions the business sector should keep its eye on?
Harrity said how the conditional licenses, which are a new addition to the previously anticipated licenses, would allow an applicant without significant financial backing the opportunity to obtain a conditional license which then gives the successful applicant time to raise financing to turn the conditional license into a fully operational license. This avenue can be utilized to offer applicants the opportunity to potentially obtain a license (conditionally) and then raise the requisite funds needed for operation rather than being forced to raise capital prior to an application submission.