Brach Eichler LLP
What aspect of the cannabis industry does your firm specialize in (compliance, growth, distribution, etc.)?
"The cannabis opportunity in New Jersey is poised to explode. What was an underperforming medical cannabis program has now expanded its patient and physician involvement and is ready to increase sorely needed supply of product. The recreational market has just started, with the Cannabis Regulatory Commission opening opportunity to produce and process product in its first round of licensure application. As the market has changed, Brach Eichler has existing expertise to guide clients on compliance and licensure application, real estate issues including leasing and land use considerations, and the best structure for business participants to move forward and provide tax planning."
Tell us something someone new to the industry needs to know – that they probably haven’t thought of?
"Location matters: To create both a compelling application for licensure and a successful business, the old adage — location, location, location — applies. The right location will garner needed local support and position applicants to be successful with the CRC process. Once opened, being in a high-caliber location will be important."
"Product availability: There is an immediate need to increase supply of cannabis in a very large way. Product selection currently is not nearly as broad as it needs to be. Edible product choices need to increase, with CRC action required. Unless and until product availability increases, the black market will remain an attractive alternative."
Give us one element or factor that is key to getting a license.
"Local support by vocal local government along with close alliances with local nonprofit entities who will be supported by the applicants’ success."
How do you see the industry growing/changing in the next 12 months?
"Product supply will increase (but not nearly enough) as medical ATCs expand their operations and attempt to get permission to sell in the adult-use markets. Applicants who are minority participants will be successful in getting initial license approval and will be faced with the need to raise capital and invest in facilities, which can be a daunting task. We will begin to see the recreational market take shape, but widespread availability of recreational product will not happen in 2022."
Give us your elevator speech: Why should someone hire your firm?
"No industry presents more complex legal issues than the rapidly growing legal cannabis industry. Securing a license, location, capital, knowledge and product supply are all significant hurdles. Providing advice and representation to cannabis clients requires an understanding and appreciation of a broad range of legal, regulatory and operational considerations. With decades of experience representing organizations in highly regulated fields, Brach Eichler has the bandwidth to provide sophisticated legal services across the broad range of these challenges for cannabis industry clients."