In any industry, when a place is called the “Silicon Valley” it is usually a lofty praise that will ultimately disappoint. However, this may not be the case of New Jersey which is being called the Silicon Valley of Marijuana.
Many industry experts are referring to New Jersey as the Silicon Valley for cannabis. Everyone is appreciating the major expansion of the medical marijuana program of the state and offering support for its legalization of recreational cannabis in the near future.
In a recent interview with Rolling Stone, the CEO of 1906 Edibles Peter Barsoom stated that New Jersey has the potential to be the Silicon Valley of the cannabis business.
Why New Jersey?
There are several reasons why New Jersey is being called the Silicon Valley of marijuana. Following are some of the top reasons:
The unique demographic of New Jersey has certain advantages of over any other west coast state that has already legalized cannabis. Since it is located simply throughout from New York, New Jersey is far more high functioning and prosperous. With the legalization of cannabis, the state will become the hub of marijuana industry in the country.
Potential for Scientific Analysis
New Jersey is home to some of the most prestigious analysis amenities and universities in the country. Because of this, the potential for scientific analysis and tutorial on the topic will be great if marijuana is legalized in the state. New Jersey has the potential to become a hub for marijuana know-how and analysis.
It’s a New Marketplace for Marijuana
New Jersey is completely different from other states in a way that marijuana is new to them. Other states have had a cannabis marketplace for years as the cannabis for medical use was legalized years ago. In contrast, New Jersey is a new marketplace for marijuana and presents new opportunities and potential for businesses such as NJ marijuana dispensary, cannabis edibles businesses, etc.
Cannabis Legalization in NJ Will Be a Boost for the Cannabis Industry
New Jersey is located near Pennsylvania and New York, two states that have relatively limited medical cannabis programs. If the recreational marijuana is legalized in New Jersey before New York, the cannabis industry will see a huge boost as a lot of consumers, producers, and entrepreneurs alike will flood their neighboring state to buy legal cannabis.
A Prime Location for Medical Marijuana Advancement
Another reason New Jersey is loved by the experts in the marijuana industry is that the state is home to several biotech and pharmaceutical companies, as well as many medical research facilities. These key companies and facilities make NJ a prime location for the medical marijuana advancement.
So, if you are looking for great opportunities for a NJ marijuana dispensary or your cannabis edibles business, perhaps New Jersey is actually the place to be.
Are the Benefits Unique to New Jersey?
New Jersey is unique in a way that other states have cannabis market with legacy stoner culture and they had to struggle to overcome it. California for example, had an uneven gray market for many years and they have struggled to transition from that to a regulated marijuana market. New Jersey on the other hand, has no strong ‘stoner culture’. Instead, it has an insignificant current market so there are many opportunities to start from scratch. The potential for cannabis edibles industry growth in NJ is great.
The Potential for Cannabis Industry Growth in New Jersey
The potential for marijuana growth in NJ is great. According to a 2018 estimate, if marijuana is legalized in the state, it would create a new $850 million industry for NJ. The industry is expected to produce thousands of direct jobs in the state – NJ marijuana dispensary workers, processors, and growers – and an equal number of secondary jobs, including home-delivery couriers, technology and software consultants, compliance experts, real estate professionals, security personnel, community-relationship managers, lobbyists, lawyers, chefs, and accountants.
The Bottom Line
Legalization is tough as the laws vary from one state to another. But that hasn’t stopped cannabis business owners and entrepreneurs across the country to dive into the cannabis market. There are many things a cannabis company has to take into account when looking to establish in a new state like NJ. And as the legalization spreads, established marijuana companies in states where marijuana is legalized are looking to expand – particularly to New Jersey and the rest of the East Coast, which is expected to legalize cannabis in the near future.