Well given the election results, we now have 36 states where medical cannabis is legal and 15 states plus the District of Columbia where adult-use recreational is now legal. History is in the making. Today, Saturday, Nov 7, 2020, Biden has been declared President-elect. He is not a cannabis advocate and he definitely has an old school way of thinking. But this industry will grow the economy even though we are not crystal clear on how this will take place. What exactly does Biden/Harris mean when they talk about decriminalization. Does this mean Biden will tell his administration not to enforce Federal law against those who are compliant with state law? Does it mean that all the banks will now do business with cannabis businesses? Does it mean you will buy your medicine in New Jersey rather than Pennsylvania?
These are real questions for those of us living in states where new laws were enacted such as in New Jersey. I just got off a call hosted by New Frontier Data in which a discussion of the implications of these changes took place. They included people with more business insight than me. You will find their comments state by state enlightening. I am only sharing highlights for New Jersey. Listen to the recording of their full discussion here.
Here is a transcribed snippet from their conversation that included John Kagan, Chief Knowledge Officer of Frontier Data, Eric Berlin, and Lincoln Eckhardt. Overlook grammar errors of AI transcription.
“…did you want to add anything before we move on to the next state of New Jersey, which is one that’s on everyone’s minds past with 67% support. And like we mentioned earlier, if they get sales up and running within a year, we expect total legal sales out of New Jersey to surpass 2 billion with their medical and adult-use combined. So we touched on some of the implications of this in terms of breaking open the Northeast for adult use, and sort of putting pressure on those neighboring states of Pennsylvania, New York, both of which have medical programs, and both of which have had conversations around legalizing adult-use cannabis. How do you see this playing out?
I would build both on that point about the impact that it has for the surrounding states. And I’m actually kind of bullish about the impact, not just being with its immediate neighbors. I think this is going to reverberate up and down the East Coast. And part of the reason for my assessment, there’s when you think about the population density of the eastern seaboard, New Jersey kind of sits in the epicenter of the most populous per capita region in the country. And so the ease with which people get up and down the corridor that runs between DC and Boston will mean that the types of revenues in New Jersey will be able to capture from regional tourism will be huge. And given both the profile of consumers based on our research that we see in the Mid Atlantic and the amount of money that we think that’s going to be attracted by New Jersey’s legal market. I think the reverberation could cascade as far down as states like Maryland and Virginia. …. The fact that Virginia decriminalized this year and the fact that you know, it’s been on this election cycle, a blue state is just an indication of how both demographics are shifting and I think you’re seeing elements come together. That will stimulate a cannabis conversation, unlike one that we’ve seen as far south as places like Virginia in the past.”
Something to think about.
Also Governor Murphy has named Dianna Houenou as Chair of the Cannabis Regulatory Commission.NJ is about to get into it.
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