The NJMRA was organized in anticipation of legalization in New Jersey
With annual retail sales of cannabis are expected to reach $10 billion by the end of this year, there’s no question that people working in the industry are excited to see what comes next. The retail cannabis sector has proven itself to be constantly changing, poised for growth, and full of hard-working, passionate individuals. When it comes to this area of the cannabis industry, all eyes are looking forward.
We caught a quick word with Juan Carlos Negrin, President of the New Jersey Marijuana Retailers Association, who was neck deep preparing for his state to be the next to join the adult use market about what the state of retail in cannabis is like in the United States. The New Jersey Marijuana Retailers Association or NJMRA, is a trade organization comprised of retailers in non-cannabis industries that was organized in anticipation of legalization in New Jersey. Here’s what Juan had to say about the industry:
What’s the state of marijuana retail in the U.S.?
The state of the marijuana retail in the U.S. is hopeful.
States that have legalized recreational marijuana hope it leads to jobs and tax revenues. In New Jersey, there has also been a necessary focus on social justice reform. Since this is a relatively new market, the outcomes of all the preliminary projections have been fluctuating as the surrounding factors adjust to the new industry. I think as more states legalize, which is inevitable, the overall market will stabilize and provide more solid projections for the industries future.
How will it change over time?
Because states continue to legalize, and more states have plans underway to work towards that, there is also increased conversation surrounding legalization on the federal level. Right now, each state is learning from those states that already legalized and trying to adopt best practices along the way, however, the regulations vary. I don’t think it will be soon but when not if cannabis is legalized on the federal level it will impact state operations in some form.
When it comes to the cannabis retail space, what are you most excited about?
All signs point to this being the next thriving American industry. While there will be regulations in place it is a great space for an entrepreneur-minded individual to be a part of. I’m excited to be a beacon for others exploring opportunity and tranquility.
What do you think is a common misconception about the industry?
While there are many, one of the most common misconceptions is individuals working in the industry are not series businessmen and women. Those with whom I communicate plan to work to uphold standards and ethics and take this regulated environment seriously. The misconception permeating some in the public is the fear of the unknown and not trusting these are going to be above board operations. At the New Jersey Marijuana Retailers Association, our goal is to continually adhere to a formal code of ethics and adopted best practices.