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420 with CNW — NJ Regulators OK Cannabis Consumption Lounge Rules

Marijuana industry regulators in the state of New Jersey have approved regulations for “public marijuana consumption areas,” taking the state a step closer to permitting social consumption for patients and adults. Shops selling marijuana opened their doors this April, but advocates are insisting on the necessity of establishing regulations that would accord users more spaces for lawful cannabis consumption.

Recently, New Jersey’s Cannabis Regulatory Commission (CCR) moved close to achieving this when they approved requirements to oversee the consumption venues as well as fees that businesses which operate those sites have to pay.

Currently Cannabis is accessible to everyone 21 years of age or older who wishes to partake of the substance responsibly, in a safe and legal area. When the above is regulated well, cannabis consumption kiosks could boost the industry and also give consumers a variety of choices on consumption sites, said CRC chair Dianna Houenou.

Under the draft rules, foods cannot be sold at the consumption site, though people may be allowed to bring food in or order its delivery to the site. Alcoholic beverages or tobacco cannot be consumed or sold within the marijuana-consumption premises. The site can be either indoors or outdoors, though if outdoors it must be enclosed. The standard fees for licenses and application fees have been proposed to stand at $1,000.

One regulatory commissioner expressed joy at the approval because it paves the way for safe spaces for patients as well as consumers to use cannabis uninhibited. These rules will be published in New Jersey’s register prior to being finalized. This is to give the public 60 days to comment on the rules. The CRC also gave the nod to 113 conditional marijuana licenses, eight yearly licenses and half a dozen conversions from conditional licenses to annual.

The social consumption regulations in New Jersey come just a few days after regulators declared the recipients of the Nevada’s first marijuana lounge licenses.

Alaska was the first to enact rules providing for on-site consumption at dispensaries; the rules were enacted in 2019. Colorado was next in line with legislation passed that legalized marijuana “tasting rooms” as well as “marijuana hospitality sites” where adults were free to use cannabis.

In New York, social-consumption locations are included in the recently enacted cannabis legalization law. The New Jersey governor said that the state needs to reconsider its current ban of marijuana home cultivation for individual use. This conversation should come later on, post maturity of the recreational market, he added.

In October 2022, the Assembly in New Jersey approved a bill that allowed licensed cannabis companies to deduct some expenses from their state-level tax returns as a partial fix because this industry continues to be blocked from claiming federal tax deductions due to an IRS code 280E.

Even though the market for adult-use cannabis is still growing, it has proven profitable. New Jersey posted $80 million in cannabis sales during the first two and a half months since inception in April.

NJ senate president, Nicholas Scutari, filed a bill that would also authorize the state’s governor to transact with other jurisdictions that have legalized marijuana for interstate marijuana commerce. The agreements may only be implemented if federal laws change or if  the DOJ issues guidelines permitting it. Scutari also filed legislation to legalize magic mushrooms, or psilocybin. The proposal has clauses allowing individuals to grow this psychedelic at their homes.

As enterprises such as REZYFi Inc. step up their support to the cannabis industry, the country is likely to see more businesses opening in the space despite the lack of access to funding from mainstream banks.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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