New Jersey is on the brink of becoming the latest State in the Union to legalize marijuana/cannabis. This is going to require the law setting up the structure, as well as the administrative regulations to fill in the details of how it will be grown, distributed, and consumed. These will most likely be similar to alcohol licenses, containing a background check and proof of adequate capitalization. While States have been doing what they like one by one, it is still illegal under Federal Law. This results in more risk than usual in a multi-billion dollar business. So you need to make sure that the details are in order.
Some of the considerations to make before entering into this field are:
Who will you bank with?
Remember, growing and selling cannabis is still illegal under federal law. So many banks are reluctant to do business in that area. State banks or credit unions are more receptive, but the reporting requirements are cumbersome. Digital currency is available, but newer, untested, uninsured, and subject to hacking. Of course, some cannabis operations run on a cash basis, which obviously has risks of its own.
How will you be insured?
At what rate will you be calculating loss in the event of theft or destruction of seeds vs. germinating plants vs. fully grown plants?
Will you grow, process, distribute, or sell at retail?
These may require different licenses and administrative compliance, insurance issues, capitalization
Where should you locate your facility?
Some towns are more receptive to it than others, and each has different zoning ordinances and property inspectors, all of which consider some parts of your business more important than others.