The article begins by stating that “New Jersey’s economy has been bruised by the coronavirus pandemic, but last week’s vote to legalize recreational marijuana use for adults has the potential to provide some much-needed help.”
The article goes on to quote Mr. Messina projecting that “I don’t think it’s going to be any time before the end of next year, realistically,” before “sales begin and before New Jersey begins to feel any economic effects from the landmark change in marijuana policy…,” given that the license application process will take time once the recently introduced legislation passes.
Mr. Messina, acknowledging that there are many “financial hurdles that stem from marijuana still being viewed as an illegal drug under federal law…,” including certain canna-businesses’ expenses not being deductible, explains that such businesses will also have to navigate “issues related to insurance and banking, among others, in order to become successful in New Jersey.”
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About Charles J. Messina
Charles J. Messina is a partner at Genova Burns LLC and Co-Chair of the Cannabis Law, Franchise & Distribution, and Agriculture industry groups. He teaches one of the region’s first Cannabis law school courses and has been advising investors, cultivators, processors, distributors, retailers and ancillary businesses navigate this dynamic legal landscape for years, from regulatory compliance to licensing.
Mr. Messina also devotes much of his practice to litigating various types of matters including complex contract and commercial disputes, insurance and employment defense matters, trademark and franchise issues, and professional liability, TCPA and shareholder derivative actions.