Green Rush on the East Coast
The California Gold Rush was a period of mass migration and economic boom that began in January 1848, when gold was discovered at Sutter’s Mill in Coloma, California. This discovery led to a rush of prospectors, some 300,000 people, from across the United States and abroad flocking to California in hopes of striking it rich.
2021 marked the beginning of the Green Rush on the East Coast. As the 49ers ventured to California in search of new wealth in 1848, the East Coast, particularly New Jersey and New York, is being flooded with MSOs, Family Offices, wealthy investors and other buyers seeking to capitalize on the short supply of licenses and locations that are available to establish thriving cannabis businesses.
The cannabis industry in New Jersey and New York has seen significant growth and interest, especially following the legalization of recreational cannabis. This has spurred activity in terms of business acquisitions and investments.
Here are some trends and factors contributing to the flood of cannabis prospectors into New York and New Jersey:
Increased Interest in Acquisitions
Legalization and Market Growth:
New Jersey: New Jersey legalized recreational cannabis in November 2020, with sales starting in April 2022. This legalization has expanded the market significantly, attracting investors and entrepreneurs into the space. With a finite amount of locations and local approvals available, the competition to find the right location to exploit a new market is still in full force.
New York: The cannabis industry in New York has been …