Cannabis Legalization has brought Social Equity to the
Forefront in the Marketplace in New Jersey & New York.
Social equity is concerned with justice and fairness of socioeconomic policy. Since the 1960s, the concept of social equity has been used in a variety of institutional contexts, including education, health, finance, and public administration. Many people have adopted the phrase "Economic Justice," because it is seemingly a more apt description for what should be achieved when realizing social equity in the Cannabis Marketplace in New Jersey & New York.
Fairness and justice are concepts that have often escaped communities of color in New Jersey & New York. Whether it's redlining or lack of representation, public policy has not often benefitted minorities. All Economic Justice is not created equal. The socioeconomic challenges that exist are very complicated and very specific to a municipality, borough, and/or community demographic. Therefore the mechanisms to distribute and realize social equity should be inclusive, agile, and enforceable. This is a unique challenge for all parties involved, so it begs the question. How do you procure business opportunities in the cannabis marketplace, quantify the metrics, enforce policy, and realize social equity all at the same time?!?!?
In New Jersey, the Cannabis Regulatory Commission (CRC) has empowered NJ municipalities to facilitate the cannabis application and licensing process. Each municipality in NJ has autonomy to define social equity in their communities. They are charged with passing applicable ordinances and statutes that mirror state regulations and requirements and be customized to meet the individual challenges within each NJ municipality. How does a NJ Municipality realize the fair and equitable distribution of assets, resources, & benefits within NJ Municipalities.
Community Benefits Agreements (CBA) project-specific agreement between a developer and a broad community coalition that details the project's contributions to the community and ensures community support for the project. That arrangement gives the local government the power to enforce the community benefits terms.
A CBA is an economic empowerment mechanism by which stakeholder organizations (non-profits & grass roots community organizations) can negotiate directly with Cannabis Business Owners for the benefits most important to them – shaping urban development projects to improve lives for local residents, most frequently communities of color.
This trilateral structure aids in the fair and equitable distribution of assets, resources, & benefits respective municipalities, boroughs, and/or community demographics. Most importantly, it provides local government enforcement powers.
New Jersey Cannabis Legalization
On April 12, 2021, the Cannabis Regulatory Commission established rules necessary for the operation of cannabis businesses in the New Jersey. click to read more
New York Cannabis Legalization
More info coming soon. click to read more