njcba, Author at NJCBA

NJCBA Statement on Passage of Medical Marijuana & Cannabidol Research Expansion Act

njcba — Mon, 21 Nov 2022 15:48:11 +0000

Trenton — New Jersey CannaBusiness Association (NJCBA) President Edmund DeVeaux issued the following statement today regarding passage of the federal Medical Marijuana and Cannabidiol Research Expansion Act, which expands research into cannabis-derived medications:

“Each day brings more positive developments in the cannabis cause. Expanding and actually encouraging research into cannabis-derived medications is a commonsense measure that will better the lives of countless individuals. Moreover, it is a great step forward in the continued normalization of the growth and usage of cannabis.

“Hopefully this is a sign of more positive developments to come, including passage of the SAFE Banking Act and removing cannabis as a Schedule 1 substance. In the meantime, we look forward to President Biden signing this legislation.”

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Vanessa Williams

njcba — Thu, 10 Nov 2022 16:28:19 +0000

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Name: Vanessa Williams

Company: Rutgers Law School

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Share your elevator pitch. In one sentence, what do you do in the cannabis industry?

As Assistant Dean of New Programs at Rutgers Law School, I’ve spent the last six months developing our new Certificate in Cannabis Law and Business, a six-month program aimed at supporting entrepreneurs and license holders in running fully compliant cannabis businesses.

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How did you get involved in the cannabis industry?

Rutgers Law School has had a class in ‘Marijuana Law’ since 2018. When I started here in January 2022, I quickly learned that the legalization of cannabis is big news for New Jersey – and as the state university, I was convinced we needed to be part of supporting our community via educational programming.

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Share a bit about your professional background. What, specifically, makes you well-equipped to serve clients in the cannabis industry?

The instructors involved in our Certificate in Cannabis Law and Business are all experts in their fields. We have faculty from Rutgers schools of law, business, environmental and biological sciences, and communication and information, who are closely collaborating with industry experts to design the curriculum. I’ve also spent the last few months building my network so that we can invite some terrific guest speakers to be part of the program, so that participants will really hear from people who are doing this on a daily basis.

What do you feel is most promising about New Jersey’s cannabis industry?

As someone who has only been involved in the industry for the last few months, I’ve been overwhelmed by how much of a community and network the industry really is. Everyone seems so on-board and has been willing to introduce me to their contacts, who in turn introduce me to their contacts, and so on. I think that’s a really special thing, and one that speaks to the commitment of people involved with the industry in New Jersey.

Why did you join NJCBA? How do you anticipate NJCBA helping your business?

NJCBA was one of the first organizations that I reached out to to learn more about what’s going on in New Jersey. Their help and connections, and great online and in-person events, showed me that they’re a vital part of New Jersey’s cannabis industry.

Care to share a favorite NJCBA membership moment?

I don’t have one yet – I’ve only just joined! But even before I joined, I got to attend a couple of events, and was really struck by everyone’s friendliness and willingness to talk with me.

Provide one piece of advice you’d give to someone who’s considering working in cannabis.

Join our certificate program! Haha, what a blatant plug. But seriously, figuring out what gaps there are in your knowledge, and then figuring out the best way for you to fill them – is it hiring someone else with that expertise? Is it finding an education program that’s going to specifically address those gaps? Is it talking to other people in your network who might have the information you need? From working on this certificate program with our subject matter experts, I know that the state and federal rules and regulations are complex, and if you don’t know something, you need to know how to find the answer.

Tell us about your favorite Jersey spot. What would you do in the Garden State on your day off?

I spend most of my time working at Rutgers’ Camden campus, but I haven’t yet had a chance to visit Donkey’s Place. I definitely need to make it over there in one of my lunchbreaks!

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Ryan Brandt

njcba — Wed, 07 Sep 2022 18:11:18 +0000

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Name: Ryan Brandt

Company: Withum

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Share your elevator pitch. In one sentence, what do you do in the cannabis industry?

I am the Tax Team Leader of Withum’s Cannabis Services team, well-versed in strategic tax planning and compliance issues.

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How did you get involved in the cannabis industry?

I became deeply involved in the cannabis industry when talks of recreational use in New Jersey gained momentum. I was already involved with the medical cannabis market, working with some of the original six alternate treatment centers (ATCs), and I knew the market was about to explode once New Jersey opened their doors to adult use.

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Share a bit about your professional background. What, specifically, makes you well-equipped to serve clients in the cannabis industry?

Our team’s rich expertise in the cannabis industry spans over 10 years of providing Advisory, Tax and Audit services to both plan and non-plant touching segments of cannabis business enterprises. We are trusted business advisors with team members nationwide who are trained to specifically service the cannabis industry. We pride ourselves on helping our clients achieve their goals and navigate a highly regulated industry.

What do you feel is most promising about New Jersey’s cannabis industry?

The fact that New Jersey is entering the cannabis market late in the game, we are fortunate enough to be able to learn from the mistakes and successes of various other states that have legalized. We are not going into this market wearing a blindfold. I believe our regulatory commission has strategically been working on placing this industry in a position of strength and success. I believe this industry is going to thrive right out of the gate.

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Provide one piece of advice you’d give to someone who’s considering working in cannabis.

The cannabis industry has a rapidly changing and complex tax landscape. It is very important to consider the tax implications on your business profits, so you can properly forecast cash flow and plan your budget accordingly.

Care to share a favorite NJCBA membership moment?

Presenting with President Ed DeVeaux. We discussed the 280e Tax Code and general cannabis accounting guidelines. It was a great way to engage with and inform the local community.

Tell us about your favorite Jersey spot. What would you do in the Garden State on your day off?

I would have to say my favorite spot is Mountain Creek in the winter. I love snowboarding and this place has the best slopes in Jersey!

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Tim Burdge, MSFM, FMP

njcba — Mon, 08 Aug 2022 21:20:06 +0000

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Name: Tim Burdge, MSFM, FMP

Company: Syska Hennessy Group

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Share your elevator pitch. In one sentence, what do you do in the cannabis industry?

As a Senior Associate with Syska Hennessy Group, I create exceptional environments that help cannabis facility management operations reach their full potential.

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How did you get involved in the cannabis industry?

Several of Syska Hennessy’s architectural and real estate development clients from other building sectors invited us to apply our engineering expertise to cannabis facilities. My colleagues and I are grateful because we’ve found this work to be extremely rewarding. We look forward to further growth in this sector.

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Share a bit about your professional background. What, specifically, makes you well-equipped to serve clients in the cannabis industry?

I specialize in facilities management, which means that I’m always looking for effective ways for organizations to lower their operational costs. As part of Syska Hennessy’s facility management advisory practice, I help clients transition from construction to operation, ensuring that my clients’ balance sheets aren’t overburdened in this process. My colleagues and I are now applying this approach to cannabis facilities with great success.

What do you feel is most promising about New Jersey’s cannabis industry?

Quite simply, the geography of the state. Eventually, federal legalization will come, opening the borders for interstate commerce. New Jersey is very easy to navigate in short periods of time, making it ideal to capture market share from surrounding states, all which will contribute to the success of the NJ cannabis industry in the northeast as well as across the U.S.

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Why did you join NJCBA? How do you anticipate NJCBA helping your business?

Syska Hennessy Group joined NJCBA because we see it as the go-to business community for cannabis in the state. We also believe strongly in NJCBA’s focus to make certain that decision makers and regulators understand and respect the needs of the cannabusiness community and that our community continues to represent responsible corporate citizens.

Care to share a favorite NJCBA membership moment?

At the risk of oversharing, I was having dinner with [NJCBA] board member Hector Corchado one evening just after Syska signed on as a corporate sponsor. Hector was thrilled with our decision and at that moment decided to call and introduce me to Scott Rudder, the founder and president emeritus of NJCBA, who thanked me for the support and said he would personally guarantee the ROI on our investment. I appreciated that level of care and attention.

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Provide one piece of advice you’d give to someone who’s considering working in cannabis.

Work smart, lead with kindness and gratitude, and always remember if it is something you will enjoy doing it isn’t really work anyway. Additionally, if you are using your experience as a cannabis patient or recreational consumer as the basis for working in this industry, your experience there isn’t enough. You should identify some professional development goals for yourself and always continue your education relative to the facet of the industry you are pursuing. 

Tell us about your favorite Jersey spot. What would you do in the Garden State on your day off?

Easy Question. I’d head to Jackson, where my two beautiful nieces Emily (9) and Hannah (8) are located. Nothing I love more than being their “fun-cle” on my days off.

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NJCBA President Ed DeVeaux To Speak at Free Educational Event

njcba — Mon, 20 Jun 2022 22:40:06 +0000

HCCCollege to Co-host Free Educational Event on the Cannabis Culture of New Jersey

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NJCBA testimony to Senate Judiciary Committee

njcba — Fri, 13 May 2022 01:44:51 +0000

Trenton — New Jersey CannaBusiness Association (NJCBA) President Edmund DeVeaux provided the following testimony on May 12th, 2022, to the Senate Judiciary Committee during their hearing on adult-use cannabis in New Jersey: “Thank you, Senate President Scutari, Mr. Chairman, Madame Vice Chair, and members of the committee for the invitation to address the topic of “Access to Capital in the Cannabis Industry.” It is an honor to join you and my distinguished colleagues in discussing this and other urgent matters as it relates to moving the state’s newest significant contributor to our economic, social, and physical landscapes forward. “As President of the New Jersey CannaBusiness Association, the state’s first and largest trade association founded to help New Jersey develop a responsible, sustainable, diverse, and profitable cannabis industry, I would be remiss if I did not recognize association co-founders Scott Rudder and Michael Turner of Burton Trent Public Affairs. It was Michael and Scott who coincidentally traveled out West with the legislative delegation over five years ago to witness first-hand the emerging adult-use cannabis markets. I could not sit here confidently without their advice and counsel. More importantly, it is with the support of the Board of Directors and membership that I am proudly serving in my second term of what is now widely known as the “New Jersey Cannabis Chamber of Commerce.” “Before I delve into the heart of my remarks, I would like to offer once again my sincere thanks to you, Senate President for all your work to make cannabis legalization a reality for the state. Your focus on making social justice a legislative priority and stemming the tide of wasted investment in the prison industrial complex speaks volumes of your wisdom and character as you set us down the right path of beginning to correct the injustices of the past and creating future opportunities. “It is the notion of opportunity that begs the questions “Is there access to capital? Is there access to resources for those we deemed legislative and regulatory priorities?” “This becomes a moot point if the Federal government would address the disparities in banking and insurance laws and provide equitable access to essential services for small and start-up cannabis businesses. “The one word that seems consistent in conversations about cannabis commerce is “Disparity.” The reality is all new business start-ups, regardless of market segmentation, require access to capital. What presents the greatest challenge to cannabis start-ups is the lack of traditional avenues of access to certain resources. “Cannabis legalization does not magically wipe away the devastation wrought upon historic communities of color and poor communities. I would use the analogy that we have prevented certain classes of people from legally participating in the 100-yard dash of the cannabis economy, and other economies for that matter, for years. Now we say it is okay to get to the starting line. When we examine the field, we find that certain participants do not have starting blocks, others do not have running shoes, and oh yes, the rest of the field has a 50-yard head start. “What New Jersey has done well early is lower the bar to entry to the industry by creating licensing categories like Conditional Licenses where the applicant does not need to possess all local approvals or a site to apply. There is also the Micro License category where the applicant is applying for smaller, scalable operations mitigating certain cost factors. We are pleased that the state has approved over 100 Conditional and Micro Licenses to date. “Allow me to focus on three aspects of capital and other resource management issues, and how we might better facilitate better access. Those three areas of capital and resource management are personal access, private access, and public access. “Just last week I participated in a panel discussion on new license holders and what they can expect when pursuing a cannabis license. The new license holder on the panel was a dispensary owner/operator from Massachusetts. The young lady shared her local and state authority administrative challenges. And when asked about investment issues including cost overruns – a natural part of any development project, she said “I went to the Bank of Dad, and he wasn’t always happy about it.” It might have been insulting had she not been such a nice person. This year the New Jersey Institute of Social Justice reported the Black median household income is less than a tenth of White households. Going to the “Bank of Dad, Mom, Grandmom, Cousin, etc.” is not an option. At the New Jersey CannaBusiness Association, we are collaborating with legislators and regulators to make sure that we caution those interested in entering the cannabis market that their investment is done at-risk because of the free-market system we are engaged in. “Private access to capital by virtue of venture capital and other partnership arrangements is permissible under the current laws and regulations. The NJCBA is proud to have been an advocate for oversight of those arrangements. As the Cannabis Chamber of Commerce, we also make sure that technical resources are also available as we provide networking, webinars, and support other industry-wide activities for support of future license holders and ancillary businesses. “Public funding of cannabis investment is a little further away, but we are in talks with relevant state agencies about how we make that happen in the most effective way possible. Remember, there are those without starting blocks or running shoes that are 100-yards away from the finish line. What the NJCBA advocates for is an earned-assistance program, where potential recipients of state funds participate in classes to develop or enhance business skills to better protect the state’s investment. Plus, it demonstrates a willingness on the part of the applicant or participant to give, not just receive. “Thank you, Senate President, Chairman Stack, Vice Chair Pou, and members of the committee, for your time. I look forward to answering any questions you may have regarding the CannaBusiness Association and the evolving cannabis industry in New Jersey.”

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New Jersey’s recreational cannabis program has smooth launch despite supply worries

njcba — Sat, 30 Apr 2022 01:44:20 +0000

New Jersey’s recreational cannabis market has gotten off to a relatively smooth start, with no major bottlenecks despite long lines reflecting pent-up demand from local residents as well as customers coming over from neighboring New York and Pennsylvania.

State regulators reported few initial glitches after sales began last Thursday – although some recreational customers were frustrated by prolonged waits in lines dozens of people long.

Also, one of the 13 stores approved by regulators delayed its opening.

The store, owned by Massachusetts-based Curaleaf Holdings in Edgewater Park, northeast of Philadelphia, attributed the delay to undisclosed details that needed to be resolved with the municipality.

New Jersey is the first East Coast recreational market to open in 18 months, following Maine in October 2020.

Supply issues were top of mind ahead of Thursday’s launch, given concerns over whether operators could serve the state’s 120,000 medical cannabis patients without disrupting recreational supplies.

New Jersey’s Cannabis Regulatory Commission noted in a news release that no patient-access issues or shortages were reported on Day One and only a “few minor complaints” were investigated.

Despite the relatively smooth launch, supply concerns haven’t vanished.

Rather, a number of questions remain for a market that the 2022 MJBiz Factbook projects will generate $625 million-$775 million in sales this year, growing to $2 billion-$2.4 billion a year by 2026.

The questions include:

Will supplies hold up for residents, customers from neighboring states and tourists? New Jersey drew 116 million tourists in 2019, before the pandemic.
What will happen to the state’s grand experiment to license a large number of social equity and microbusinesses? Will those businesses get the capital they need to build their businesses and succeed in a market currently dominated by multistate operators?
How will New Jersey’s recreational marijuana sales fare once its rival neighbor New York launches its adult-use market later this year or in early 2023?

“Over-demand and undersupply is the biggest initial risk to New Jersey,” said Joshua Horn, co-chair of the cannabis law practice of Fox Rothschild. “I do see foresee supply-chain issues in the short run.”

Horn noted that the New Jersey medical program – with only a dozen licensed operators – remains “kind of in a catch-up mode. There’s a concern that if the medical program is not operating at 100% capacity and now you have adult-use, what’s going to happen?

“When things settle down (from the initial flurry of sales), that’s when we’ll see the viability of the program.”

Initial excitement

Ed DeVeaux, president of the New Jersey CannaBusiness Association, was the second to purchase recreational marijuana at Acreage Holdings’ The Botanist retail store in Williamstown, 40 minutes southeast of Philadelphia.

“It’s just an exciting time,” he told MJBizDaily.

DeVeaux said he had mixed emotions about customer cars taking a lane of the highway, but it reflected the strong demand.

“You had drivers from New York and Pennsylvania,” he added. “So guess what? We (New Jersey) beat you.”

DeVeaux said he thought the state’s Cannabis Regulatory Commission (CRC) fulfilled its obligation to ensure the seven marijuana companies approved for the launch were capable of handling the business while ensuring that MMJ patients were the priority.

Bill Caruso, a cannabis law attorney with Archer in New Jersey who helped write the state’s first medical marijuana legislation, agreed.

Caruso noted that the first day “went off basically without a hitch, with patient priorities being paramount.”

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New Jersey’s recreational cannabis program has smooth launch, despite supply worries

njcba — Tue, 26 Apr 2022 15:07:31 +0000

https://mjbizdaily.com/new-jersey-recreational-marijuana-program-has-smooth-launch/

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NJCBA Statement on First Day of Adult Use Sales in New Jersey

njcba — Fri, 22 Apr 2022 01:43:44 +0000

Trenton — New Jersey CannaBusiness Association (NJCBA) President Edmund DeVeaux issued the following statement today regarding the historic first sales of legal, adult-use cannabis in New Jersey: “What a momentous day for our state. Today would not have been possible without the hard work of so many. Our heartfelt thanks to all the advocates who fought for years to create a legal, adult-use market in New Jersey. We can’t say enough about Governor Phil Murphy’s first term agenda of legalizing cannabis for adult-use. He never wavered from the notion that our state could achieve some measure of social justice and economic parity for those most harmed by the nation’s failed War on Drugs. We thank Senate President Scutari for pushing legalization years before anyone thought it would be possible. “Today is a remarkable moment, but it is not the final step. Now that sales have begun, we must ensure that both medical and adult-use cannabis are in supply and affordable for New Jerseyans. Otherwise, our efforts will have been in vain. The NJCBA will continue its work with the CRC as well as businesses and individuals in the cannabis space as the market continues to grow. In the meantime, we hope everyone enjoys the first day of legal, adult-use cannabis and we eagerly anticipate more great news to come.”

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NJCBA Statement On CRC Action

njcba — Tue, 12 Apr 2022 15:25:21 +0000

New Jersey CannaBusiness Association (NJCBA) President Edmund DeVeaux issued the following statement regarding the actions taken by the Cannabis Regulatory Commission (CRC) at today’s meeting: “New Jersey continues to move ahead of other states in the region on adult-use cannabis. Today’s action is the culmination of a tremendous amount of time, work and effort by the CRC and the industry to get this done right. Looking to the future, it is critical that we ensure that both medical and adult-use cannabis are in supply and affordable for New Jerseyans. We look forward to continuing our work with the CRC on that process and eagerly anticipate the next round of progress for New Jersey.”

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