Committee Advances Reynolds-Jackson & Holley Bill Revising Restrictions on Ownership of Medical Cannabis Dispensaries
Legislation Aims to Make Business Ownership More Accessible to Women, Minorities & Disabled Veterans
(TRENTON) – Aiming to counteract potential barriers to ownership of medical cannabis dispensaries and other types of alternative treatment centers by minority and women entrepreneurs in New Jersey, Assembly Democrats Verlina Reynolds-Jackson and Jamel Holley sponsor a bill to revise certain restrictions on these businesses.
Current law prevents any entity from holding more than one permit for a medical cannabis cultivator, manufacturer or dispensary. Under the bill (A-5179), investors who significantly assist someone applying for a medical cannabis dispensary permit would be allowed to hold up to 40 percent interest in up to 10 medical cannabis dispensaries – provided those businesses are minority, woman or disabled veteran-owned.
Business owners would be required to pay back the financial assistance they receive from an investor within seven years. However, the measure specifies that ownership would not revert to the investor if the business were to default.
The Cannabis Regulatory Commission would also be permitted to review the agreement between the business owner and investor to ensure the terms are commercially reasonable and consistent with fair market