February 07, 2019
"In New Jersey, while cannabis will soon be a growing industry, it will be complicated because the drug is still classified as a Schedule I controlled substance. This makes bank financing difficult to find, and expensive as well. Local ordinances banning cannabis facilities add an additional roadblock when it comes to locating real estate for these businesses. As sage legal counsel is essential when assessing the challenges and opportunities for this new industry, Commerce asked many of the state’s top law firms to weigh in on the prospects for cannabis-related companies in the Garden State."
According to Robert Schiappacasse, Co-Chair of the Cannabis Industry Practice Group, "Rather than pursue a course of action based on what might be, we think clients are better served by a wait-and-see approach giving them and us the ability to immediately pivot in the right direction when and if legalization becomes a reality. That said, we know from the medical cannabis landscape in New Jersey that locating real estate to support a cannabis line of business can be a challenge—one we expect to continue. So, we do recommend that clients begin the process of locating potential sites for review in anticipation of legalization. We also know from our experience with the medical cannabis license applications that having a quality consultant on board to assist in the application process is critical. We suggest that clients begin the process now of interviewing possible consulting teams so there is no delay in moving forward if legalization occurs."