EDITOR’S NOTE: On March 10, NJ Cannabis Insider hosts its first semi-annual, daylong industry conference, featuring top leaders in the medical marijuana, hemp and legal cannabis industries. Tickets are still available.

Three new dispensaries have opened and the number of registered patients has more than tripled since Gov. Phil Murphy was sworn-into office in January 2018.

Yet despite the steady growth in New Jersey’s medicinal marijuana program, breaking into the competitive cannabis industry remains a challenge for minorities and women. A group of state and national experts will debate the barriers that remain and rally their peers to get more involved in the March 10 New Jersey Cannabis Insider’s conference.

Foremost on aspiring entrepreneurs’ minds is — and has always been — access to capital, said Jessica F. Gonzalez, an attorney at Bressler Amery & Ross and outside general counsel for Minorities for Medical Marijuana.

Jessica F. Gonzalez

“Access to capital is a major hurdle for every company involved in the cannabis industry but especially so for minorities and women entrepreneurs,” said Gonzalez, a panelist. “Given that access to traditional methods of obtaining capital, such as bank loans, are not feasible, companies must look to private investors for funds.”

“Alongside capital, access to human capital is imperative because an applicant needs to be build a strong team comprised of experienced professionals to truly stand out in such a hyper competitive state such as New Jersey,” Gonzalez added. “Access to affordable service providers including lawyers, accountants, lobbyists and consultants is also an issue.”

Forming partnerships with experienced professionals is key because the Health Department has had two requests for applications with very short lead-up times — four weeks and about six weeks, she noted.

“If folks are seriously considering applying for a state cannabis license for the next round (whenever that should be), then they should start preparing now as it take a few months to get all the necessary requirements—from financing to establishing a team, it takes a lot longer than people might realize. Such a heavy lift should not be taken lightly.”

Leo Bridgewater

Leo Bridgewater, a panelist who is the national director for veterans outreach for Minorities for Medical Marijuana, said it’s critical that passionate newcomers get involved with all aspects of the cannabis issue — especially the ballot question to legalize marijuana in the Nov. 3 election in New Jersey.

At a time when the medicinal program is growing and the legal market could be just a year or two away, Bridgewater said with the exception of the governor, he is dismayed by the number of “Flintstones” he sees shaping the discussion when we need people who represent the future, or “the Jetsons” to lead the way.

“There are two kinds of people in government: The Flintstones and the Jetsons. We are asking a bunch of Flintstones to make the rules to a Jetson’s crowd. And they transcend age, race and gender. There are some young Flintstones out there,” said Bridgewater, who is also the national director of EdifyPAC, and the co-founder of Leaf Launch.

“Some people still talk about it as a gateway drug,” he added.

Bridgewater said state lawmakers and policy makers should be having a conversation of decriminalizing marijuana before the election. He would also support lobbying the Murphy administration and Attorney General Gurbir Grewal to re-schedule marijuana so in New Jersey, at least, it is not a Schedule 1 substance.

“That would signal our progressiveness and our leadership in the country,” Bridgewater said.

Gonzalez agreed this is a critical time in the history of cannabis prohibition. She wants to encourage everyone who cares about the issue to get involved.

“Supporters of legalization encourage anyone aligned with the mission to legalize adult use cannabis to speak to anyone they can about the benefits of legalization. From family members to friends to community groups to legislators, it is imperative that New Jersey advocates rally together to push this initiative through,” she said.

“The opposition is loud and strong and despite 62% of New Jersey residents being in favor of legalization, it is not the time to sit back and wait for it to happen. We have a few months to gather a collective voice and move forward with legalization so I urge everyone to do their part and speak up.”

Other panelists include Roz McCarthy, founder/CEO of Minorities for Medical Marijuana, and Imani Dawson, vice president and managing partner of MJM Strategy, a minority-led strategic consulting group for the cannabis industry.

A version of story first appeared in NJ Cannabis Insider.

NJ Cannabis Insider is a weekly subscriber-based newsletter produced by NJ Advance Media, which also publishes NJ.com, The Star-Ledger and other affiliated papers.

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