New Jersey Cannabis Microbusiness License
New Jersey Cannabis Microbusiness LicenseNew Jersey cannabis microbusiness license is an intriguing possibility for small business entrepreneurs in the State. New jersey cannabis license regulations aim to benefit its residents with an exclusive opportunity to get in the market without the millions of dollars of funding as a cannabis microbusiness.
The truth is, without an in-state restriction in the requirements to get a cannabis license, New Jerseyans are to compete with out-of-state operators with the experience and millions of dollars of funding, which potentially could take them out of the industry.
NJ cannabis microbusiness license may help level the field, giving New Jerseyans exclusivity to a small version of the industry and assuring participation of small business owners who reside in the state in the cannabis market.
If you are interested in getting started in opening a dispensary in New Jersey or start a growing operation in the Garden State, here is all you need to know about New Jersey cannabis microbusiness license and how to apply for it.
New Jersey Microbusiness Licenses | What is a microbusiness & how much does it cost or make
About New Jersey Cannabis Microbusiness License
New Jersey Microbusiness license is a reduced version of one of the available cannabis licenses in NJ, that in addition to the regular provisions, it includes additional protection to New Jerseyans, giving them some leverage to enter the cannabis industry. Four classes of the cannabis licenses are open for a micro-versions of dispensaries, growers, processors or wholesalers.
New Jersey cannabis regulations state that the characteristics of the microbusiness license are:
10% of cannabis licenses to be issued to microbusinesses.
Microbusiness owners must be New Jersey residents who have resided in New Jersey for the past 2 years;
51% of the owners of the microbusiness must be residents of the town or the neighboring town where the microbusiness will operate.
No owner, director, officer, or other person with a financial interest who also has decision making authority for a licensed cannabis establishment, distributor, or delivery service, whether or not a microbusiness, can hold any financial interest in a microbusiness