Written by Rani Soto.
Jersey City stakes their claim to the proposed adult-use cannabis industry!
With a simple tweet, Mayor Steve Fulop, catapulted Jersey City into the cannabis spotlight. His declaration positions Jersey City to become one of the most profitable municipalities in New Jersey once newly elected Governor Phil Murphy signs adult-use cannabis into law.
The Jersey City community is bound to benefit from the estimated $1.3 billion cannabis industry.
New York has NO cannabis-adult use/ or Flower products
Jersey City is geographically located across from the financial capital of the world, New York City. New Jersey will have a distinct advantage because there are no qualifying conditions required when purchasing cannabis in an adult-use state. In addition, New York’s Medical Marijuana program does not allow for the consumption of flower. However, New Jersey will allow for the consumption of flower and currently has a Medical Marijuana program that supports patients who utilize that modality of consumption. New Yorkers will naturally migrate to cities such as Jersey City once the NJ adult-use cannabis program is fully operational. Local business are prime to see a rise in economic activity which will generate additional revenue for the city coffers as well as bolster the local economy.
Marijuana Funds education system
The city will also position themselves as a first-mover among waterfront municipalities. I imagine newly elected Hoboken Mayor Ravi Bhalla and current Bayonne Mayor Jimmy Davis will want a portion of the estimated $300 million in taxes generated from legal cannabis sales. Similar to Colorado, Jersey City could utilize this additional revenue to fund the local education related needs such as new construction, additional school health professionals and establish prevention services. Since 2015, Colorado Department of Education received 140.5 million through cannabis revenue.
As a first mover, Jersey City will benefit from the increased demand on the local goods and services. Cultivators, manufacturers, processors, and retail outfits will require human capital, which can be sourced from the local community. In addition, the ancillary business opportunities this industry will birth will be vast. From compliance and consulting to security and packaging. The infrastructure required to effectively support the adult-use cannabis market will drive new employment opportunities for the local community. In 2015, the legal cannabis industry in Colorado created more than 18,000 new full time jobs!
It is quite clear that, Mayor Steve Fulop is creating a path for Jersey City to be a direct benefactor of the economic shift subject to take place as Governor Phil Murphy moves to legalize and tax cannabis in the Garden State. The question now is….which Mayor will declare next?
- Hoboken, Bayonne?
- Jersey City is strategically located across from NYC, accessibility.
- Revenue could improve schools. Compare to CO.
- NYC has a medical program with no flower.
- Job Creation
- NJ is anticipated to bring in 1.4 – 2.2B industry
- Prime Locations
Ward F- Bergen Lafayett—Cannabis Village
Ward A- Greenville—-Industrial area suited for cultivation, manufacturing, processing,
testing of cannabis
- American Legion Support of Cannabis
- Mayor Fulop
- Gov Phil Murphy Marijuana part of 100 day plan