Canna Business Services Breaks Down New Jersey Cannabis Business License Application Types
TRENTON, N.J., Sept. 24, 2021 /PRNewswire/ -- Still thinking about investing in cannabis business opportunities in New Jersey?
Canna Business Services has provided a glimpse into the two application types through which you can apply.
Overview:
Applicants can apply for each of any of the 6 classes of licenses (although there are restrictions on how many an applicant or its owners can acquire if multiple licenses are awarded). Once a class is selected, applicants can apply for the license through a Conditional License Application or an Annual License Application. Both require at least one owner to be a New Jersey resident for at least 2 years (with a bonus category for at least one owner with 5 or more years of residency). Certified minority-, women-, and/or disabled-veteran-owned businesses do not receive additional points, but do receive priority grading. However, Conditional Applications are restricted to individuals who meet a few extra requirements, as described further below.
Conditional License:
Uniquely, a Conditional License applicant is restricted to owners whose income is $200,000 or less as shown for the immediately preceding taxable year (or $400,000 if filed jointly). Individuals who qualify for a Conditional License must identify their property, but do not have to control it at application submission. Should an applicant be approved for a Conditional License, they then get 120 days to secure the property and complete a Conditional License Conversion Application. This might be a good choice if you need to gain control of or rezone a property. These Applications also receive priority grading.
Annual License:
If you do not meet the income threshold for a Conditional License, you must complete an Annual License Application. For this application, you must be in control of a correctly-zoned property and demonstrate municipal support. If you go this route, you will not have to apply through the second-step Conversion Application.
Ultimately, you will be required to submit voluminous information, including detailed operating plans and procedures. If your goals include entering the New Jersey cannabis market or learning about other state licensing opportunities, contact Canna Business Services to ensure your questions are answered and you are equipped with the support you need.
SOURCE Canna Business Services
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