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Meet the 13 Power Players Shaping the Future of New Jersey's Potentially $1 Billion Market for Recreational Marijuana

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Meet the 13 Power Players Shaping the Future of New Jersey's Potentially $1 Billion Market for Recreational Marijuana 11/30/2020 List: New Jersey's cannabis power players - Business Insider BEST DEALS All Cyber Monday Deals Furbo Dog Camera Hypervolt Vibration Massage Device $250 Now $134 $349 Now $219 Save 46% Save 37% HOME CANNABIS Meet the 13 power players shaping the future of New Jersey's potentially $1 billion market for recreational marijuana Jeremy Berke Nov 25, 2020, 8:49 AM Green Thumb Industries;Matt Rourke/AP Photo; NewJersey.com; Teneo; Samantha Lee/Business Insider Meet the 13 power players, from lawmakers to executives, shaping the future of New Jersey's cannabis industry. H O M E PAG E New Jerseyans voted on November 3 to legalize recreational marijuana. https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 1/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider According to estimates, the state could be a $1 billion market in the next few years — and not to mention, a draw for consumers in New York City and Philadelphia. Subscribe to Insider Cannabis for more stories like this. New Jerseyans voted overwhelmingly to legalize marijuana in the state earlier this month, fullling one of Gov. Phil Murphy's longtime promises. While lawmakers have since sparred over the ner details of passing legislation that would begin recreational marijuana sales, industry investors, analysts, and executives say the Garden State, sandwiched between the Northeastern population centers of New York City and Philadelphia, is perhaps the biggest prize in legal marijuana's election sweep earlier this month. New Jersey's marijuana market could see annual sales of up to $950 million by 2024, according to some estimates. That sizeable market isn't the only important facet of New Jersey joining the legal marijuana fold: Experts say the state could be a tipping point for other major markets in the Northeast, like New York and Pennsylvania, to follow suit. Joseph Bayern, the incoming CEO of cannabis company Curaleaf, says the state is a "lynchpin" for the rest of the Northeast to follow. His company is investing heavily in New Jersey. Read more: Meet the top 11 power players shaping Arizona's new market for recreational marijuana, including executives, advocates, and regulators ButH isOsuMeEs rPeAmGaiEn in getting the enabling legislation passed that would allow recreational cannabis sales to begin, as lawmakers — including Democratic State Sen. Nicholas Scutari a key sponsor of marijuana reform initiatives in the state and New https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 2/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider Nicholas Scutari, a key sponsor of marijuana reform initiatives in the state, and New Jersey's Senate President Steven Sweeney — debate over how to tax marijuana revenue, where that revenue can be spent, and how to grant licenses in a way that makes the social justice goals of marijuana legalization a continued priority. A deal has to get done before January 1, when the constitutional amendment passed on November 3 goes into eect. And while some lawmakers are pushing for sales in the state to begin as soon as possible, experts say it's not likely that New Jerseyans, and consumers from neighboring states, will be able to purchase marijuana until the middle of 2021, at the earliest. Read more: The ultimate guide to marijuana legalization: Here are all the states that passed cannabis reform, the key dates to know, and which stocks could benet the most. As well, Gov. Phil Murphy announced the creation of the Cannabis Regulatory Commission, headed up by former ACLU lawyer and top aide Dianna Houenou, as well as Je Brown, who runs the state's medical-marijuana program. To put together this list of the power players of New Jersey cannabis, we asked sources in the cannabis industry as well as people involved in the campaign to legalize to pick people who will have a strong role in crafting the legislation and shaping the future of New Jersey's cannabis industry. New Jersey Governor Phil Murphy H O M E PAG E https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 3/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider New Jersey Gov. Phil Murphy Anne-Marie Caruso/The Record via AP, Pool Gov. Phil Murphy made marijuana legalization a core part of his campaign in 2017. Since he took oce in 2018, lawmakers in New Jersey failed to pass legalization as many Republicans in the legislature are not friendly to cannabis reform, and some Democrats, including State Sen. Ronald Rice, have raised concerns over the impact of selling the drug to communities of color. Because of that, the issue was put in front of New Jersey voters on November 3. That didn't damp Gov. Murphy's support for legalization, as he specically touted the social justice goals of the legislation. "On Nov. 3, we are committed to making history in New Jersey to pass the legal adult use of marijuana," Gov. Murphy said in a press conference ahead of the vote. "We can't fail, folks. We have to make sure this happens, and it will transform our state." Dianna Houenou, chair of the New Jersey Cannabis Regulatory Commission H O M E PAG E https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 4/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider Dianna Houenou, chair of New Jersey's Cannabis Control Commission. State of New Jersey As a former ACLU attorney and one of Gov. Murphy's top aides, Dianna Houenou's selection as the chair of the state's Cannabis Regulatory Commission is a signal that the state will put social justice measures front and center of its cannabis industry. Prior to working in the governor's oce, Houenou worked on marijuana legalization in New Jersey while at the ACLU. "From promoting inclusion in the permit holders to making armative investments in theH fuOtuMreE oPfA oGurE communities of color, New Jersey is poised to mark its position as a leader in advancing racial and social justice," Houenou said in a statement announcing her selection. "The opportunities for equity that lay ahead are limitless, https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 5/18 11/30/2020 g List:p Newp Jersey's cannabis powerq playersy - Business yInsider , and I look forward to seizing them for the benet of New Jersey's communities that have been disproportionately harmed by failed past policies." Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission New Jersey Cannabis Regulatory Commission Executive Director Jeff Brown. State of New Jersey The Cannabis Regulatory Commission's newly-appointed executive director, Je H O M E PAG E Brown, previously oversaw the state's Division of Medicinal Marijuana, where he was the head regulator in charge of medical marijuana growers and dispensaries. https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 6/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider Brown said he'll take a patient-centric approach to the cannabis industry in a recent interview with NJ Advance Media. "In everything I am doing, I try to bring it back to the patients," he said. Amol Sinha, Executive director of the ACLU New Jersey ACLU-NJ Executive Director Amol Sinha. ACLU As the executive director of New Jersey's ACLU chapter, the 35-year-old Amol Sinha hasH loOnMg aEdPvAocGaEted for marijuana legalization in the state. Sinha is also the chair of NJ Can 2020, a campaign that supported the state's https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 7/18 11/30/2020 List: New Jersey's cannabisp g power players - Businesspp Insider legalization initiative through a racial justice framework, he told Business Insider in an email. After voters passed legalization, Sinha immediately called for police ocers and prosecutors in the state to immediately stop arresting and prosecuting people for marijuana use and possession, though lawmakers have not yet passed the enabling legislation. Sinha said in a statement that he was supportive of Murphy's pick of Houenou to chair the Cannabis Regulatory Commission. "We are optimistic that Dianna's leadership and knowledge of the issues will position New Jersey to implement marijuana regulation and reforms with equity and racial justice from the start," he said. Nicholas Scutari, New Jersey State Senator H O M E PAG E https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11 8/18 11/30/2020 List: New Jersey's cannabis power players - Business Insider New Jersey State Sen. Nicholas Scutari. New Jersey Senate Democrats As one of the key proponents of marijuana legalization in New Jersey's state legislature, Democratic Sen. Nicholas Scutari — along with Senate President Stephen Sweeney — is actively working to get the ballot measure's enabling legislation passed as soon as possible. Lawmakers had hoped to pass the bill, co-sponsored by Sen. Scutari and Sen. Stephen Sweeney, on Monday. But debates over what to do with the tax revenue, the number of licenses the state can grant to growers, and marijuana decriminalization in advance of legalization have held up the bill's passage. Members of the state legislature also pulled a decriminalization bill last week after Sen. Scutari added language decriminalizing psilocybin-containing mushrooms. "I think some legislators are thankful that we slowed down. I am hopeful. The voters have spoken," Sen. Scutari told NJ Advance Media on Monday.
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