Deal data, CRC developments, and the unglamorous prep work that separates a full-price sale from a discount — written by a broker who has spent four decades doing New Jersey transactions.
A relocatable New Jersey Class 5 retail license is listed this month at $69,000, and a pre-operational Class 1 cultivation license at $175,000. In July a single Flemington dispensary traded on a $9 million valuation, and almost none of that difference is the license.
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The CRC has been turning conditional applications around in roughly four to five weeks, and annual and conversion applications in 12 to 26. The town has no such clock, and no New Jersey cannabis application moves without a resolution from its governing body naming you and your proposed location.
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Retail shrink runs about 1.6 percent of sales nationally and roughly two-thirds of it is theft rather than paperwork. In a New Jersey dispensary that number also carries a regulator: a reportable loss has to reach the Commission within three hours of discovery.
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New Jersey cannabis space runs roughly $15 to $40 a square foot on a business that cannot casually move, because the CRC ties your license to a specific address and most towns still say no. That makes one paragraph of your lease worth more to your sale price than almost anything on your P&L.
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New Jersey's social equity excise fee has sat at $2.50 an ounce while the statutory ceiling for its price tier is $30, and the tier table gets more permissive as cannabis gets cheaper. The CRC reopens the question on October 29.
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Florida's 2026 adult-use ballot question died about 47,000 signatures short, and Pennsylvania's legalization bill has sat in a Senate committee since May 2025. New Jersey has 272 open dispensaries, 358 towns that want nothing to do with them, and a two-year ownership lockout most out-of-state buyers have never heard of.
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New Jersey flower has fallen from about $12.49 a gram to $8.09, and the cheapest remaining lever is getting existing customers back more often. But the loyalty program that does it answers to four separate rulebooks, and only one of them comes from the CRC.
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A buyer's accountant spends about six hours with your file before deciding what your store is worth to them, and they are not reading your P&L. They are testing whether Metrc, your POS, your bank deposits and your filed returns tell the same story.
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A standard conditional cannabis application in New Jersey costs $200 to submit and $800 on approval. The license is the cheapest part of the whole thing - here is what each of the six classes actually permits, and what each one is worth when it changes hands.
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New Jersey stores sold 2.5 percent more units in August 2026 than a year earlier and still booked 2.8 percent less revenue. That gap is price compression, and four numbers already sitting in your POS decide whether you fight it or absorb it.
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The SBA is closed to cannabis, SAFE Banking is still a bill, and institutional cannabis credit is pricing near 16 percent. That leaves the seller as the lender - here is how to carry paper without carrying all of the risk.
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In July, TerrAscend paid roughly $9 million for a single dispensary in Flemington. Three months later, another New Jersey operator's collateral is headed to an Article 9 foreclosure sale - same state, same license rules, opposite outcomes.
Read the analysis →Whether you are thinking about selling, or looking to buy into the New Jersey market from out of state, the first conversation costs nothing and stays between us.
If you just want to know the number, I will tell you the number.