I recently authored a guest column for NJ Cannabis Insider titled, “What’s next for medical marijuana in N.J.” The article outlines several compliance-related takeaways for the thousands of individuals and businesses eager to enter what is expected to become a multi-billion industry in New Jersey – medical (and, ultimately, recreational) marijuana.
There are three key considerations that any aspiring entrant to N.J.’s medical marijuana program should keep top of mind when developing a business plan that appropriately balances access with compliance:
- Be well capitalized, and provide as much transparency around sources of funds as possible.
- Because applications will be vetted by law enforcement, remember to provide a physical security plan, a cybersecurity plan, training manuals for employees and a written compliance plan demonstrating that the business will self-monitor. Having a retired law enforcement official as a consultant to the business is an additional, worthwhile consideration.
- Provide regulators with a credible, written plan for product quality assurance since your business will be providing an ingestible product that is not subject to regulation by the Food and Drug Administration.
The coming months promise to be exciting as the state’s medical marijuana program continues to evolve. Please stay tuned for more updates from CSG’s Cannabis Law Group.
You can read the entire guest column here.