SACRAMENTO COUNTY, Calif., May 12, 2021 /PRNewswire/ -- 420Property.com, the world's leading business and real estate listing service for the cannabis industry is currently seeing a land rush underway as real estate speculators and cannabis entrepreneurs are getting an early start on securing properties in New Jersey and New York that will potentially meet cannabis business licensing requirements.
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.
420Property.com has seen over a 65% increase in traffic in New Jersey and New York since last year and expects that number to grow to 300% once licensing applications are being accepted.
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