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Recreational pot industry preps for New Jersey debut
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Big marijuana companies and emerging entrepreneurs are laying the groundwork to set up shop in New Jersey after voters approved a constitutional amendment legalizing the recreational use of cannabis.
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Residents supported the ballot measure in the Nov. 3 election by a 2-to-1 margin. State lawmakers are now crafting enabling legislation to help set up the parameters of the marketplace, and a new state commission is set to start creating regulations for the new industry.
Developing the regulations will take time, and Democratic Gov. Phil Murphy has said it would probably take about a year before the first wave of retail sales begins. The state hasn't determined how many licenses for growers and retail sites will be allowed. Still, established marijuana businesses and those looking to break into the industry are preparing now.
Charles Gormally, co-chairman of the cannabis-law practice at Brach Eichler, said his law firm was fielding calls from people with an array of backgrounds seeking to get into the cannabis business.