Notable Players

A Deeper Look At This State

Regulatory Framework

Adult-use legalization was passed in New Jersey in 2020 by the largest landslide in history, with 69% of voters in favor of cannabis.

In a meeting held on March 24, 2022, CRC Executive Director Jeff Brown stated the existing eight alternate treatment centers (ATCs) are not "ready" for adult-use sales. The CRC claim the market will be undersupplied and they will visit operations over the next few months to see if they can accommodate both medical and adult-use sales. Brown also wants to ensure the hiring of individuals with prior marijuana arrests and/or those residing in impoverished neighborhoods. The next board hearing is slated for May 24, 2022, meaning NJ will go another two months sans adult-use sales revenue for operators and state and local tax revenue pools.

One bright spot from the March 24th CRC hearing was the approval of an additional 68 cultivation and manufacturing licenses.

Additionally, after years of wading through multiple lawsuits, the state issued 14 cultivation/manufacturing licenses and 30 medical dispensary licenses in 2021. These license holders need to operate in the medicinal market for 12 months prior to approval to operate in the adult-use market.

Earlier in March 2022, the state opened up adult-use retail license applications and received nearly 200 applications in one day.

Notable Market Activity

September 2021 | AYR Strategies acquires Garden State NJ for a $101MM

July 2020 | IIPR completes $35MM acquisition of Curaleaf’s 111K sq.ft. cultivation  

June 2020 | Acreage completes NJ medical acquisition for $10MM+ assumption of debt

May 2020 | AWH enters agreement to acquire Green Leaf Compassionate Center

What's the Play?

Existing operators will find an abundance of available capital to expand cultivation and prepare well-located retail shops to satisfy the fifth most densely populated state's anticipated enormous demand. And one should not forget the Garden State borders the populous New York and Pennsylvania markets, neither of which enjoys adult-use.

If you have the opportunity to invest in a New Jersey operation, you almost can't lose. Nearly a billion dollars of capital will ultimately be required in this desirable market. The play is with proven operators, who will provide the highest ROI in the near-term future. The challenge here will be in valuation and structuring.

For current New Jersey medical operators, "build it, and they will come" has never been a truer adage. The Garden State is truly lush and green for cannabis investors.

Market Snapshot

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By The Numbers



21+ Population


Annual Tourists


Medicinal Legalization


Adult-Use Legalization


First Adult-Use Sales


MMJ Patients


Monthly Revenue


Cultivation Cap

30K Sq.Ft.*

Cultivation Licenses

44/37 (Operational/Limit)*

Retail Licenses

24/53 (Operational/Limit)*

Retail License Cap per Operator


Vertical Integration




MMJ Qualifications


Adult Population/ # Retail Licenses


Accepts Out of State MMJ


MMJ Patients / # Retail Licenses

*Five of the cultivation licenses are for stand-alone cultivations. *15 of the retail licenses are for stand-alone dispensaries. *Each of the 12 vertically integrated licenses are permitted to open three dispensaries. Multiple cultivation tiers: tier 1 allows up to 5K sq.ft., tier 2 allows from 5K sq.ft. to 20K sq.ft., tier 3 allows from 20K sq.ft. to 30K sq.ft. The maximum initial canopy for any of the awardees is 30K sq.ft. Vertically integrated applicants may choose any of the canopy tiers.

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data

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