New Jersey is no longer limiting the number of cannabis cultivation licenses, and entrepreneurs are looking forward to supplying the East Coast marijuana market as production ramps up.
However, up-and-coming growers in New Jersey face significant obstacles, including:
A majority of municipalities that have opted out of permitting cannabis businesses. A competitive market for limited, expensive industrial real estate. Challenges raising capital in a tough lending environment.
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For cultivators who can overcome those headwinds, an attractive market awaits.
Will Perry, CEO of Oregon cultivator Magic Hour Cannabis, is working to launch production in New Jersey, teaming up with a local partner who has access to the necessary real estate.
Oregon marijuana prices have crashed, with the median wholesale price hitting $599 per pound in February.
In New Jersey, however, Perry expects premium marijuana could earn at least $4,500 per pound.
“I don’t know anywhere
Read full article on Marijuana Business Daily
