SOUTH JERSEY (KYW Newsradio) — Cannabis regulators in New Jersey have given conditional approval to hundreds of new applications for recreational marijuana sales and production.
Such approval allows owners to open after they secure a location and the funding needed to start. The state now has more than 800 applications approved.
However, such an influx poses potential drawbacks. According to Edmund DeVeaux, president at the New Jersey Cannabusiness Association, access to capital and real estate remain big stumbling blocks, especially for social equity applicants.
“All, if not a majority of them, are seeking locations to establish their businesses,” DeVeaux said.
There are 18 new applications that now have annual status, rather than conditional.
Some applicants are expected to open in South Jersey, though regulators didn’t specify any of those potential locations.
With differences in approval status, DeVeaux feels some groups are prioritized over others and that more needs to be done to ensure social equity applicants are getting the support they need.
“This part has been the biggest hurdle so far,” DeVeaux said.
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