When New Jersey’s governor and legislative leaders agreed this week to legalize recreational pot, the strategy chief at cannabis chain iAnthus Capital Holdings was pleased. Beth Stavola’s firm already has a stake in the Garden State, but she’s also a Jersey resident who’s lived “down the shore” most of her life.

iAnthus (IAN.Canada or ITHUF.OTC) was one of six December license winners in the Garden State, getting the green light to open Atlantic City’s first dispensary. Stavola, who’s opened shop in the wake of reformed laws...