Retail License at Site to Dominate Surrounding Area
Investment Opportunity — New Jersey Retail Cannabis License Available
The Market – New Jersey
Among the newcomers to the legalization of recreational use cannabis, New Jersey stands out for its potential, particularly as it stays ahead of developments at its big neighbor, New York. The first adult-use cannabis licenses have now been issued with operations likely to begin in the fall this year. Currently, only 23 dispensaries are in operation in the state — from 11 operators — to service the 117,000 registered medical marijuana patients.
According to MJBizDaily New Jersey recreational marijuana sales will already reach $775 million in 2022, and this is with just 30% of the state’s 564 municipalities that have opted-in so far. Sales are projected to be more than $2 billion/year by 2025. New Jersey can actually be considered a “limited license state” since the total number of licenses to be issued is strictly up to the municipalities. This makes it imperative to start the process of strategic investment at the local level. A strong indication of just how much interest the state is attracting from MSOs is the sizzling hot market for retail and industrial cannabis real estate ahead of the opening of adult-use sales.
Retail license available with a site plan approval for new 3K sq. ft freestanding retail building. Construction permits being pulled. Build out is expected to be 4 1/2 months per the contract. Site comes with 30-year lease and local application for recreational sales as well. Upon award of the local license, this will be 1 of 2 permitted recreational dispensaries in the Borough and the only medical dispensary. All adjacent municipalities have opted OUT of cannabis.
Valued at $12M for 100%, we will invite all bids including a JV structure buying a controlling majority now and the balance in the future. This deal is flexible.