Effective April 21, 2022 (why wasn’t it 4/20?), individuals over 21 years of age may purchase recreational cannabis. Currently, there are twelve dispensaries statewide. These dispensaries commenced originally under New Jersey’s Medicinal Cannabis Program.
The regulating body in New Jersey is the Cannabis Regulatory Commission—CRC. The New Jersey Cannabis Regulatory Commission establishes and enforces the rules and regulations governing the state’s licensing, cultivation, testing, selling, and purchasing of cannabis.Under New Jersey’s adult-use cannabis, consumers may purchase up to one ounce of dried flower, up to five grams of concentrates, resins or oils, or up to ten 100mg packages of ingestible items, in a single transaction.
On its first day of adult-use sales in New Jersey, the state’s 12 participating dispensaries sold cannabis and cannabis products to 12,438 recreational cannabis customers for a total gross sale of nearly $1.9 million.
Each New Jersey cannabis business requires a license, which must be active and in good standing, to perform any commercial cannabis activity, including:
- Growing cannabis plants
- Storing cannabis and cannabis products
- Making cannabis products
- Transporting or delivering cannabis and cannabis products
- Selling cannabis and cannabis products
- Testing cannabis and cannabis products
New Jersey cannabis license applications are being accepted and reviewed on a rolling basis until further notice. Social Equity Businesses, Diversely-Owned Businesses, Impact Zone Businesses, and applications that receive bonus points will be afforded priority review, scoring, and approval.
For those wishing to apply, click here https://nj-crc-public.nls.egov.com/#!/nj-crc/register .
The Canna CPAs has been helping clients with the preparation of financial forecasts, preparing accounting SOPs, onboarding pre-licensed clients to get them set up with the proper chart of accounts, and more. If you would like some assistance in these matters, please call 833-CPA-CANA (833-272-2262) or email info@thecannacpas.com
Sandy Suchoff, CPA is the Founder and principal of Lefstein-Suchoff, CPA & Associates, LLC D/B/A The Canna CPAs. Suchoff has been featured and interviewed on MSNBC, FOX News, and Tune In Business Talk Radio as a tax advisor, as well as ONR Oklahoma PBS TV, Chasing News on FOX & WOR, KRQE 13, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today as an advisor on cannabis tax and accounting.
