NEW JERSEY – Cannabis business entrepreneurs in New Jersey can apply for a recreational marijuana dispensary license starting March 15, 2022. Though there are an unlimited number of licenses that may be awarded to manufacturers, testing laboratories or dispensaries, finding a compliant location, and securing real estate is one of the hardest hurdles for stakeholders and one of the most important pieces of a successful application.
Zoned Properties®, Inc. (the “Company” or “Zoned Properties”) (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries including legalized cannabis, has helped applicants’ identity and secure green zone real estate to be used in their application for a license. Most recently this year, Zoned Properties assisted a client with site identification which resulted in them winning multiple licenses in the state of Ohio, a highly coveted medical market. Zoned Properties works with cannabis clients to navigate state-by-state compliance and local zoning rules to ensure entrepreneurs can launch their business successfully within designated timelines.
In markets with unlimited licenses like New Jersey, land grabs often dictate the commercial cannabis landscape. Without an industry real estate expert, finding a location is not only difficult but can be costly if state program requirements are not considered from the beginning.
Common dispensary requirements in legal states include square footage restrictions, and 500-1,000 ft distance regulations from schools, churches, and other types of organizations.
“What many license applicants fail to realize is that real estate is not only one of the most challenging and crucial elements of a successful application, but it’s also one of the most capital intensive and financially risky components. We use proven strategies for our clients to help mitigate these risks,” stated CEO, Bryan McLaren.
Here are some important New Jersey cannabis program rules that many applicants might not realize:
More than 70% of New Jersey towns have opted out of allowing adult-use marijuana businesses even with state legalization.
Even with cities that have opted in, most do not yet have an internal process for providing letters of support to operators to be able to apply at the state level. It is still being determined if more than a letter of support will be needed, such as a special meeting, or presenting at a city hearing. This can cause major delays with state-level applications.
Before an application is submitted, proof of title, lease agreement and floor plans are key components to show that you have a plan in place to move forward if awarded a license.
With New Jersey having around 100 municipalities opted in for adult-use dispensaries, having a plan for 2-3 geographic areas is a must due to fast-changing zoning restrictions.
Ensuring proper contingencies are in place in the event your application is denied by the state or the locality. This is crucial especially in municipalities with competitive processes.
Realistic expectations on timeline. New Jersey is going to be an extremely competitive market with hundreds of applications being submitted on or near March 15th. We expect the approval process to take upwards of six months or longer.
“Our team has helped identify hundreds of green zone properties in legalized states throughout the nation for clients. More than half of these clients did not yet have a license, a predicament that highly regulated industries face. We saw many of the same complexities in Ohio that we are seeing in New Jersey, but our experience and proprietary technology helps our clients stay ahead of the curve,” said Berekk Blackwell, COO of Zoned Properties.
To learn more about Zoned Properties and its extensive commercial real estate services, visit www.zonedproperties.com.
About Zoned Properties, Inc. (OTCQB: ZDPY):
Zoned Properties is a leading real estate development firm for emerging and highly regulated industries, including regulated cannabis. The company is redefining the approach to commercial real estate investment through its integrated growth services.
Headquartered in Scottsdale, Arizona, Zoned Properties has developed a full spectrum of integrated growth services to support its real estate development and investment model; Advisory Services, Brokerage Services, Franchise Services, and PropTech Data Services each cross-pollinate within the model to drive project value associated with complex real estate projects. With national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries.
Zoned Properties is an accredited member of the Better Business Bureau, the U.S. Green Building Council, and the Forbes Real Estate Council. Zoned Properties does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”). Zoned Properties corporate headquarters are located at 14269 N. 87th Street, Suite 205, Scottsdale, Arizona. For more information, call 877-360-8839 or visit www.ZonedProperties.com.