Sales in the state of New Jersey are projected to increase quickly if voters approve a cannabis legalization referendum on their ballots in the coming week. A plan unveiled by a top lawmaker would even allow the already existing medical cannabis dispensaries in the state to start selling to adults aged 21 years and above within a month of the election.
Nick Scutari, chairman of the state Senate Judiciary Committee, stated in an interview that the most important thing would be to allow people to purchase legal marijuana immediately. However, those who would prefer to grow their marijuana at home wouldn’t be as lucky, seeing as individuals would not be permitted to obtain cannabis from homegrown or illicit sources.
In the interview, Scutari discussed what to expect if voters of New Jersey approved Public Question 1, which would legalize the growing, processing and sale of retail cannabis in the state. The measure is made up of five brief sentences, leaving most of the details up to lawmakers and regulators.
Scutari states that the first step would be for legislators to pass the legislation, starting with setting rules for the new cannabis market. He stated that he wanted the laws to be completed in November, which is when the state would be having the legalization pass.
The plan might be easier said than done though, mainly because dispensaries would be required to certify that they could still meet the current medical patient demand. Additionally, producers would need to confirm whether they are able to increase their supply in order to meet that goal.
The assistant commissioner of the Department of Health, Jeff Brown, stated in a separate interview that if the measure was passed tomorrow, the medical marijuana program, which he oversees, wouldn’t have an operator that would be ready to begin selling adult-use cannabis. He explained that the industry as a collective would have to speed up the whole process to make that happen, especially if companies were to be considered capable of selling in a potential adult-use market.
With dispensaries in the state facing complaints of product shortages and long lines, which have been worsened by the COVID-19 pandemic, this makes the goal that much harder.
Currently, the state has issued licenses to only 12 firms to cultivate, process and retail medical cannabis to more than 90,000 registered patients. However, all may not be lost. A survey conducted earlier this month revealed that 65% of voters in New Jersey were in favor of the measure, with 6% undecided and the remainder opposed.
An interesting cannabis firm that you should watch is Sugarmade Inc. (OTCQB: SGMD). This California-based delivery service provider is enjoying the uptick in delivery services after stores started curtailing their activities in order to adhere to social-distancing guidelines as a result of the COVID-19 pandemic.
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