Although our country may be divided with the results of an unprecedented presidential election, there is one thing residents of the Garden State agreed on this election: the legalization of recreational marijuana. Projected to be a $126 million-dollar industry, generating tax income and jobs, many New Jersey entrepreneurs are wondering how to get in on this promising industry.
Like any other emerging market, the cannabis business presents significant opportunities and risks. Regulatory issues and licensing requirements seem ever-evolving and complicated, including an excise tax on growers; limiting number of licenses issued; and meeting social justice and diversity goals. According to Scott Rudder, president of the New Jersey CannaBusiness Association, one area of legislation importance is to ensure “as many New Jersey-based entrepreneurs as possible can get in to the cannabis industry with the lowest cost barriers.”
To this end, as this new market evolves in the Garden State, FNL is ready to meet the needs of individuals and businesses looking to enter New Jersey’s rapidly growing cannabis market and help clients realize tremendous opportunities by providing strategic guidance and legal services. By working with professionals who have been active in the cannabis market in other states, FNL collaborates with industry experts to ensure proper and complete representation. In fact, FNL can provide a wide range of business transactions to prepare clients for the complex variables that the current cannabis environment presents, including corporate and business entity formation; negotiating and drafting contracts; preparing partnership and operating agreements; and licensing structure. In addition, for those clients in the cannabis industry that require a commercial property, FNL handles all relevant real estate aspects, including lease negotiation and execution; and/or property sales and acquisition.
As New Jersey continues to move forward with marijuana legalization, the revenue potential of the cannabis industry in the Garden State will be significant and multi-faceted. FNL is ready to assist those looking to break into, or remain competitive, in this exciting emerging industry.