Nicholas L. DePaolo, Esq., Associate in the firm's Commercial Real Estate & Redevelopment Practice, and Daniel Pierre, Esq., Associate in the firm's Cannabis Law Practice, recently co-wrote an article for Real Estate NJ entitled, "Planting the Seed for A Greener New Jersey: The Intersection of Legal Cannabis and Real Estate in the Garden State."
Most are undoubtedly aware that, in this past election, New Jersey voters overwhelmingly passed a ballot initiative to legalize the recreational use of cannabis for adults age 21 years or older. Due to our state’s geographic location and dense population, experts predict this marketplace will quickly become a multibillion-dollar industry. As we wait for the cannabis sector to spark up in New Jersey, now more than ever, those interested in joining the industry should evaluate what type of real estate space is best suited for this emerging industry, which will differ based on the type of cannabis license it seeks.
Since the ballot initiative passed in November, the pathway for the state’s expansion into a recreational use industry is one step closer. On December 17, 2020, both the Assembly and Senate approved the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act — the law that will regulate both the medical and recreational use marketplaces.
Mr. DePaolo and Mr. Pierre g on to describe the six classes of licenses and discuss how entrepreneurs can go about finding the right location for your business. Click here to access the full article.