A Land Rush Is Underway in New Jersey and New York For Cannabis Real Estate

New Jersey’s and New York’s various license types are expected to have their own unique application requirements and it is expected that the application process will start with finding and securing the appropriate real estate for the license type applied for.

In New York, the Marijuana Regulation and Taxation Act (MRTA) requires applicants to either be the owner of the premises or be in possession of the premises under a written lease with a term not less than the license period at the time of application.

Many details relating to land use and zoning requirements remain unknown in both New Jersey and New York at this time. However, in New York, the MRTA has provided some provisions regarding where future cannabis facilities can be potentially located. For example, the MRTA specifically limits the location of retail dispensary storefronts or on-site consumption licenses are permitted within 500 feet of school grounds or 200 feet from a house of worship.