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At a venue overlooking the ocean, eager New Jersey cannabis entrepreneurs turned out in numbers for the chance to engage in serious business networking and gain insights from the state’s leading agencies tasked with launching and expanding the legal weed market.
Amid the buzzing connections and conversations among some 200 attendees at the exclusive industry networking event Thursday in Long Branch, insiders heard from several organizations instrumental in helping businesses find their way in the state’s flourishing sector, including New Jersey Economic Development Authority (NJDEA) and New Jersey Business Action Center (NJBAC) and along side the state’s top cannabis regulator.
During her talk, Dianna Houenou, chairwoman of the New Jersey Cannabis Regulatory Commission, took a optimistic tone about the state of the market. While there remains much work ahead to ensure small, diverse businesses find footing in the state’s growing cannabis industry, the CRC is doing a “hell of a lot” to help get minority applicants across the finish line, she said.
The summer business networking event, hosted by NJ Cannabis Insider, drew cannabis growers, retail store owners, manufacturers, regulators and other business leaders to meet at the swanky oceanside Wave Resort.
“The industry as a whole is becoming more sophisticated, more educated,” Houenou said. “We want to see prospective applicants coming to events like this, where we can give them the information that they need and guidance that they need.”
Before the commission was launched in April of 2021, the state had less than 12 medical dispensaries. Now, there are 44 medical dispensaries and 35 adult-use dispensaries in the state, according to the CRC.
Houenou noted, however, there still remains three main barriers preventing cannabis businesses from becoming operational in the state: delays with site control and real estate, municipal approval delays and lack of sufficient funding.
As a result of these challenges, 75% of the 1,200 businesses with conditional license applications the state regulatory body has approved have requested extensions.
“Unfortunately, there’s a very limited number of things that the commission can do to help businesses through those challenges, but where we can, we make sure that we collaborate and share information with partners at the local level, state level and potential industry operatives and investors,” Houenou said.
In response to the criticism the CRC has fielded concerning its processes, Kelly Anderson, the CRC deputy executive director, said they are a brand new agency that’s “building the plane as we’re flying it,” asking for patience from eager operators in the space. Megan Tagliaferri, CRC director of Licensing, for her part offered several suggestions on how to ensure license applications meet all the state-issue requirements for a successful review, offering an email address and phone number for any questions (crc.licensing@crc.nj.gov, 609-376-7373).
Looking ahead, the CRC encouraged entrepreneurs to prepare for the opening of applications on Sept. 27 for wholesale, distributor and delivery licenses. Additionally, the commission is nearing the adoption of final regulations governing the operation of cannabis consumption areas, the officials said.
The NJEDA and NJBAC announced they are offering upcoming opportunities tailored to aid diversely owned businesses.
The state’s economic development authority is set to launch the second phase of its pilot $10 million Cannabis Equity Grant Program, providing support for start-ups in the state, including technical training and early-stage expense assistance.
Come late August or early fall, social equity businesses that have obtained a conditional license but have not secured real estate or municipal approval and need assistance converting their permits to an annual one can apply for The Phase II Seed Equity Grant of $150,000, said Genevieve Jones, program manager at the NJDEA.
Tauhid Chappell, the newly appointed executive director of the NJBAC Cannabis Training Academy, announced a forthcoming program offering 10 online courses for those interested in obtaining an adult-use cannabis license. This free program will launch by this winter and aims to equip eligible students — social equity, legacy, impact zone, diverse-owned or microbusiness applicants — with insights from industry experts, he said.
“No barriers to entry, we want to make this free, easy and informational so that you have the best information from the best industry experts to make the best business decisions for your company,” Chappell said.
Guests also had the opportunity of hearing from the event’s sponsor, CannaRemediesNJ, a women-led and operated retail dispensary opening in Ewing this fall.
Victor Guadagnino, head of business development at CannaRemediesNJ, left his fellow peers with one piece of advice — as the industry continues to thrive, the importance of educating and having strong relationships with municipalities to facilitate business openings and create more opportunities within the state remains paramount.
In addition to CannaRemediesNJ, several sponsors and vendors conducted business on the vendor floor, including Hance Construction, Saul Ewing Law, All Space, Viking Pest Control, 5S Security, Cova, All Funding Solutions, Queen City and BCB Bank.
NJ Cannabis Insider is a weekly subscriber-based online trade journal and events group produced by NJ Advance Media, which also publishes NJ.com, The Star-Ledger and other affiliated papers. NJCI’s next event is an all-day conference on Oct. 12 in Newark.
Our journalism needs your support. Please subscribe today to NJ.com. Nyah Marshall may be reached at Nmarshall@njadvancemedia.com.