5 Tips For Opening a Cannabis Business in New Jersey
By: Buy Weed NJ
1. Show Your Work
Be prepared to show your work on how you plan to structure your business. Draw on your experience in the industry. Partner with an established brand. Show the state how your company will meet the needs of the New Jersey medical cannabis patient base.
The New Jersey cannabis business license application centers around a weighted scoring system, featuring different sections built around the details of different parts of the business. Those parts include operational plans, procedures, security, etc. Be as detailed and as clear as you can when filling out this application.
2. Know Your Geography
New Jersey first legalized medical cannabis in 2010, setting up a process for approving two vertically-integrated businesses in each of three main geographic areas: North, Central and South Jersey. The plan is to approve two new businesses per region. Know where you fall in all of this.
3. Identify Your Patient Base
The first part of the application will be all about showing control of property or real estate and approval from the municipality. These approvals don't come quickly, as New Jersey wants to make sure there is adequate supply of products for patients. Secure property and municipal approval early on to avoid any delays.
4. Focus on Your Tasks
Politics can get in the way of your task, as can getting caught up in what other people or other states are doing. This is all very distracting. Instead, focus on what YOU have to do. To get ahead and be prepared for starting a marijuana business in NJ, you must educate yourself, read through the regulations, and compile a business plan.
5. Don't Wait
You can't fill out an application in a day or two. Rather, it takes time – possible a few weeks or more to get it done sufficiently. The cannabis industry in NJ is a very competitive field. If you want to enter it, you have to surround yourself with the experience and expertise that will position you for success in this unique marketplace. Put your team in place now!
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If you would like to open a business if and when the measure passes in November, the key is to start planning now. Here's how you can start your own medical marijuana dispensary in New Jersey.