This one legal change not only opens millions of dollars in immediate opportunity for a group of legal cannabis, it also shows the countries most populated state is finally getting its program heading in the right direction.
This year's impressive achievements for the cannabis industry will pale in comparison to what is coming. Part of what's fueling our optimistic view is not what's on the books, but what's on deck at the state and federal level.
As alcohol Prohibition ended 86 years ago today, illicit revenue became legal profits available to savvy investors, a flood of researched-based innovation drove new products, and the industry soared. This is all happening in the cannabis industryright now.
There are still riches to be made from medical cannabis. Maryland showed it this month by smashing annual estimates for sales. And a New York company just made almost $50 million by selling its license before ever selling any actual marijuana.
New Jersey will be bring in recreational cannabis money at the register by 2019 - others will follow. That's why the East Coast is becoming the market to watch and could surpass California's market size.