New Jersey, already a state that’s making strides towards full legalization, took another major step recently, with New Jersey’s attorney general calling for prosecutors to pause marijuana-related cases for at least a month. The move comes on the footsteps of Jersey City’s own determination to decriminalize within Jersey City. While the future of fully legalized cannabis in the Garden State remains in limbo due to in-party squabbling on the part of state Democrats, the move by attorney general Gurbir Grewal could “effectively amount to a moratorium of — or a substantial reduction in — marijuana convictions in New Jersey between now and future legalization,” according to a statement from Grewal’s office.

For those straining their eyes by trying to read tea leaves, the move also could be perceived as a sign that aforementioned in-party budgetary squabbling is thawing between Democratic lawmakers and Governor Phil Murphy. After all, what would the state attorney general’s office have to gain by making an announcement such as this prematurely? And, let’s be clear, it would behoove New Jersey to “get the lead out” as it were; New Jersey, long the presumptive favorite to become the first state within the NYC metro area to go fully legal, stands to lose a tremendous competitive advantage (and a ton of money) if, say, New York were to go legal before NJ.

“Empire” State

Oh, and whatdya know, in addition to New York Governor Andrew Cuomo stating: “The situation on marijuana is changing,” last month at an unrelated event; New York’s medical program grew by an incredible 128% over the past 12 months. Additionally, the state legislature of New York announced last month that marijuana could be used as a substitute for opioids among those with a medical marijuana license.

While we’ve spoken at some length that states along the east coast, such as Florida and Massachusetts, are prime markets for investment and business development opportunities; New York –and to an extent due to its own sizable population and geographic proximity, New Jersey– remains the biggest of “next big things.”

But what will it take for New York’s potential to match the outsized hype? Let’s review a few things that New York needs to get in order before it were to become a fully legalized state.

• Lower The Cost: New York state currently has a fairly expensive medical-marijuana price to patients (anywhere between $150-$400/month for patients). One way to fix that? Allow more cannabis development in the state of New York. More growers, more renderers, more sellers. The consumer cost is artificially high due to scarcity of legal product.
• Allow Edibles and Flower: Edibles, one of the fastest-growing verticals in cannabis, is currently prohibited within New York. The same goes for good ol’ pot flower. Legalizing both of these product lines will afford New York state tremendous avenues for revenue on all fronts (taxes, licenses, et cetera).
• Open More Dispensaries: New York and New Jersey both have incredible population densities that will require more dispensaries to handle the overwhelming demand. Study what states such as California and Colorado have done with licensing protocols. Learn from their mistakes and their successes.
• Expect Complications: Similar to learning from their mistakes, expect their to be unforeseen obstacles and complications that arise from this process. Ask the right questions of the right people, and recruit the right talent.