New Jersey has finalized their regulations for the adult-use cannabis market. One attractive option for those who are new to the cannabis industry are microbusiness licenses. Read below to find out more about this license category.
Microbusinesses can apply for cultivator, manufacturer, distributor, retailer, or delivery service licenses. These cannabis licenses are often pursued because they have significantly lower application fees. To encourage local businesses, New Jersey has placed no cap on the number of microbusinesses they will permit.
What sets these licenses apart from the conditional and annual licenses offered by New Jersey are a few specific regulations. There are some rules surrounding a microbusiness’ operational limits and size. Microbusinesses must meet the following requirements:
- Have no more than 10 employees;
- Have a space of no more than 2,500 square feet;
- Have no more than 1,000 mature plants; and
- Have no more than 1,000 pounds of usable cannabis each month.
Applying for a Microbusiness License
New Jersey created the microbusiness license categories to help those entering the cannabis industry compete with well-capitalized multi-state operators. Microbusinesses are a solid option for those who have established connections in New Jersey. Minority-owned businesses, women-owned businesses, or disabled veteran-owned businesses will receive special consideration in the application process. One major benefit of applying for a microbusinesses is that the application and certification fees are 50% of the cost of standard license fees.
This means it’s time for you to assemble your team and get your application materials together so that you’re ready when the application round opens. We are well-versed in New Jersey’s regulations and ready to help you navigate the application process. Contact Canna Business Services for a free 15-minute meeting to answer your questions.