The inauguration of Governor Phil Murray marks the onset of the potential move toward legalizing marijuana in New Jersey. Murray campaigned on the promise of cannabis legalization and he insists that he will sign a bill that would allow people to grow their marijuana and limited sales could begin as early as this year if the bill makes it through the state legislature. With this in mind, what should cannabis entrepreneurs do to prepare for these potential changes? And how can our cannabis lawyers be of service during this time?
Know the Law
While this law does not exist yet, there is information about what is included in the bill. One thing to keep in mind is that this legislation plans on limiting the number of dispensaries and growers. The proposal indicates that there should only be 80 dispensaries across the state with 15 growers total the first year and 25 the second year. While none of these numbers are set in stone, the state is interested in creating a cap to help reduce business concerns that could stem from an abundance of dispensaries.
Cannabis entrepreneurs should be aware of the discussed limits so they may understand what the potential business climate may look like in regards to competitions and even investment opportunities.
Prepare the Business
Although there is no current law, entrepreneurs can still makes strides for preparation. The most important aspect of this process is to make sure you are aware of current requirements, laws, and the process for registering your business once the time comes.
The marijuana business faces many uphill battles simply because it remains illegal on the federal level. Until very recently, many banks and credit unions were hesitant to loan money to these businesses because of the division in the law. Cannabis entrepreneurs face much more complicated planning simply because laws differ and are constantly evolving. It’s even more important to state up-to-date on law implementation and changes to protect and even enhance your business.
Your best option is to hire a professional that can help you wade through the murky waters of cannabis law. LawTrades is an online legal services marketplace that connects clients with the best-suited lawyer for their situation. Our attorneys are fully vetted and highly experienced in their areas of specialization. Our subscription-based legal plans allow clients to pay a flat price to receive year-round legal assistance. This option comes with reduced hourly rates, a $0 service fee, and unlimited consultations. As laws develop or change, your lawyer is easily accessible to help you help your business.