The cannabis industry on the East Coast is experiencing a significant surge, and New Jersey is set to be a major player. Experts predict that the state’s cannabis market will hit $2 billion in sales by 2027. The addition of licensed consumption lounges is expected to be a game-changer for the market. The New Jersey Cannabis Regulatory Commission (CRC) recently approved a set of rules for the much-anticipated consumption spaces, and this move is expected to boost medical and adult-use expansion.
The CRC’s guidelines stipulate that lounges can be either indoor or outdoor but must be enclosed. The use of alcohol and tobacco is strictly prohibited, and while food sales are not allowed, guests can bring their own or have food delivered. The rules are currently in a 60-day public comment period, after which they will be ratified. The approval of the rules will open the floodgates for applications to be submitted, making it possible for entrepreneurs to start setting up cannabis consumption lounges across the state.
Atlantic City is expected to be the first city in New Jersey to have a cannabis consumption lounge, with local officials banking on the lounges to boost tourism in the “Vegas of the East.” Susan Dupej, a cannabis hospitality and tourism researcher, has referred to the lounges as a “differentiator” for Atlantic City. According to her, cannabis consumption lounges will not only attract tourists, but they will also generate revenue for local businesses and provide employment opportunities for people in the state.
The cannabis consumption lounges in New Jersey are set to revolutionize the cannabis industry in the state. The lounges will provide a safe and controlled environment for cannabis users to consume their products. This move is expected to attract a diverse customer base, including those who may have been hesitant to try cannabis before. The lounges will also create opportunities for entrepreneurs and investors to get involved in the cannabis market in New Jersey. With the expected boom in the cannabis market, it is clear that the consumption lounges will play a pivotal role in catapulting the industry forward.
If you are operating or commencing a New Jersey cannabis business or a cannabis business in any state, call the #1 cannabis CPA and cannabis CFO firm in the country—The Canna CPAs. 833-CPA-CANA -or 833-272-2262.
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.
