>>> FUNDING PROVIDED BY FOR MORE THAN 110 YEARS, NJBIA HAS BEEN FOCUSED ON THE ADVANCEMENT OF OUR SUCCESS AND OUR MEMBERS.

WE'RE THE VOICE REPRESENTING ALL INDUSTRIES, WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROUGH ADVOCACY, SUPPORT, NETWORKING, AND BENEFITS.

NJCU'S SCHOOL OF BUSINESS "A" GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEP ACE WAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY.

LEARN MORE ON OUR WEBSITE.

PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102 -- LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG >> THIS WEEK ON "NJ BUSINESS BEAT."

THE FEDERAL RESERVE HIKES RATES.

WE'LL TELL YOU WHAT IT MEANS FOR YOUR MORTGAGE AND CREDIT CARD LOANS.

>>> PLUS, SENATE REPUBLICANS WANT TO PUT MONEY BACK IN YOUR POCKET.

WE TALKED WITH A SENATOR ABOUT THE PLAN TO RETURN BILLIONS OF DOLLARS TO TAXPAYERS.

>>> AND WE PUT MARIJUANA IN FOCUS AS NEW JERSEY PREPARES TO ROLL OUT ITS RECREATIONAL MARKET.

WE LOOK AT WHAT IT TAKES TO BECOME A LEGAL RETAILER, THE CHALLENGES WOMEN FACE IN THE WEED BUSINESS, AND HOW ONE LOCAL UNIVERSITY IS EDUCATING A FUTURE WORKFORCE TO COMPETE IN THE CANNABIS INDUSTRY.

THAT STRAIGHT AHEAD ON "NJ BUSINESS BEAT."

>>> HELLO.

THANKS FOR JOINING US ON "NJ BUSINESS BEAT."

IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

GET READY TO PAY MORE IF YOU BORROW MONEY.

FOR THE FIRST TIME IN MORE THAN THREE YEARS, THE FEDERAL RESERVE RAISED INTEREST RATES THIS PAST WEEK.

RATES WENT UP BY A QUARTER OF A POINT AND THE FED SAID IT'S PLANNING ON SIX MORE RATE INCREASES THIS YEAR.

THE AGGRESSIVE TIME LINE COMES AS INFLATION HAS ROCKETED HIGHER BY INCREASING INTEREST RATES THE FED IS HOPING TO CONTAIN INFLATION, WHICH IT ACKNOWLEDGED COULD WORSEN FOLLOWING RUSSIA'S INVASION OF UKRAINE.

WE'VE SEEN EVIDENCE OF THAT IN RISING GAS PRICES.

HOW DOES THIS IMPACT YOU?

YOUR CREDIT CARD INTEREST RATES WILL GO UP, LOANS WITH ADJUSTABLE RATES, INCLUDING PRIVATE STUDENT LOANS AND HOME EQUITY LOANS WILL GO UP AS WELL.

HIGHER INTEREST RATES CAN RAISE BORROWING COSTS FOR PEOPLE BUYING CARS AND HOMES.

MORTGAGE RATES HAVE ALREADY BEEN ON THE RISE AS OF LATE.

BUSINESSES WILL SEE HIGHER RATES FOR COMMERCIAL LOANS.

I SPOKE ABOUT THAT WITH PETER DONETAS, THE NEW JERSEY MARKET EXECUTIVE.

>> I THINK THAT INITIAL RATING INCREASE WILL NOT HAVE A REAL TERRIBLE IMPACT BY THE COMPANIES HERE IN NEW JERSEY.

THAT SAID, OUR ECONOMISTS AT WELLS FARGO ARE PREDICTING AN INCREASE IN RATES OVER THE NEXT FEW YEARS SIX TO EIGHT MORE TIMES.

SO BY THE END OF NEXT YEAR, THE RISE IN RATES WILL START.

>> HOW CAN COMPANIES PREPARE FINANCIALLY FOR A RISING RATE ENVIRONMENT, SOMETHING WE HAVEN'T SEEN FOR A FEW YEARS?

WHAT ADVICE WOULD YOU GIVE THEM IN TERMS OF HOW THEY MANAGED THEIR BUSINESS?

>> IT DEPENDS ON WHAT KIND OF BORROWINGS YOU HAVE.

SHORT TERM FOR WORKING CAPITAL AND IT'S A LOW-RATE LOAN, I WOULD KEEP IT BUSINESS AS USUAL.

SHORT-TERM BORROWINGS, YOU'RE GOING TO BORROW AND PAY DOWN, IT'S JUST TO MANAGE INVENTORY CAPITAL AND INVENTORY FLUCTUATIONS.

HOWEVER, IF YOU'RE BORROWING FOR LONGER-TERM PURPOSES, SUCH AS EQUIPMENT, REAL ESTATE, AND YOU'RE GOING TO HAVE A LONGER-TERM ASSET, I WOULD SUGGEST WHAT WE RECOMMEND TO OUR CLIENTS, A CONVENTIONAL FIXED-RATE LOAN OR SWAP TO A FIXED RATE THAT ELIMINATES INTEREST RATE RISK OVER THE LONG TERM.

>> NEW JERSEY'S UTILITY COMPANIES CAN NOW START SENDING SERVICE SHUTOFF NOTICES TO CUSTOMERS WHO ARE BEHIND ON PAYING THEIR BILLS.

THIS PAST TUESDAY, THE STATE'S MORATORIUM ON UTILITY SHUTOFFS PUT IN PLACE DURING THE PANDEMIC WAS LIFTED.

WHAT'S FRUSTRATING OFFICIALS AT BOTH UTILITY COMPANIES AND THE STATE, THERE IS MONEY AVAILABLE TO PROVIDE HELP, BUT VERY FEW PEOPLE HAVE APPLIED.

MORE THAN A MILLION NEW JERSEY CUSTOMERS COLLECTIVELY OWE OVER $820 MILLION.

BUT SO FAR, ONLY ABOUT 10% OF STRUGGLING CUSTOMERS HAVE ASKED FOR HELP.

AND ELIGIBILITY REQUIREMENTS HAVE EXPANDED.

UNDER ONE STATE PROGRAM, A FAMILY OF FOUR EARNING ABOUT $106,000 WOULD QUALIFY FOR AID.

>> I THINK IN THE NEXT 30 DAYS PEOPLE WILL SEE THEIR UTILITIES SHUT OFF.

>> NOBODY WANTS TO SHUT YOU OFF.

THE IDEA WAS THIS WAS NOT A FREE RIDE AS FAR AS THESE MORATORIUMS WERE CONCERNED.

AGAIN, THERE MAY BE PEOPLE, PROBABLY IN THIS SITUATION, WHO HAVE NEVER, NEVER BEEN IN THIS SITUATION BEFORE.

GET IN TOUCH WITH YOUR UTILITY IF YOU GET A SHUTOFF NOTICE.

AND THEY ARE MORE THAN WILLING TO COOPERATE WITH YOU.

>> NEW JERSEY'S ECONOMY CONTINUED TO ADD MORE JOBS AS WE BEGAN THE YEAR.

8,300 NEW POSITIONS WERE CREATED IN JANUARY, CONTINUING A 14-MONTH STREAK OF JOB GROWTH IN OUR STATE.

NEW JERSEY HAS NOW RECOVERED NEARLY 86% OF THE JOBS LOST IN MARCH AND APRIL OF 2020 DUE TO THE PANDEMIC.

FEDERAL DATA RELEASED BY THE STATE LABOR DEPARTMENT SHOWS THE UNEMPLOYMENT RATE ROSE SLIGHTLY IN JANUARY TO 5.2%.

DURING THE WEEK AHEAD, STATE LAWMAKERS WILL HOLD REMOTE PUBLIC HEARINGS AS THEY BEGIN TO REVIEW THE NEARLY $49 BILLION BUDGET PUT FORWARD BY GOVERNOR PHIL MURPHY.

REPUBLICAN LAWMAKERS WANT TO SEE MORE MONEY RETURN TO TAXPAYERS.

I TALKED WITH SENATOR DECLAN TO SCANLON ABOUT THE GOP'S INITIATIVE KNOWN AS GIVE T BACK.

SENATOR, NEW JERSEY REPUBLICANS HAVE STARTED THE GIVE IT BACK CAMPAIGN.

WHAT DO YOU HOPE THIS CAMPAIGN ACCOMPLISHES?

>> I HOPE IT PROVIDES RELIEF FOR THE BELEAGUERED TAXPAYERS IN NEW JERSEY AT A TIME WHEN THEY ARE MOST ACUTELY FEELING THE IMPACT OF OUR HIGH COST BURDEN IN NEW JERSEY.

WE HAVE AN OPPORTUNITY HERE BECAUSE OUR FRIENDS ON THE OTHER SIDE OF THE AISLE HAVE RESPONDED TO REPUBLICANS IMPLORING THEM TO CARE ABOUT THESE THINGS AND FINALLY ARE DOING SO.

THE GOVERNOR'S ACTUALLY STARTED TALKING ABOUT AFFORDABILITY.

LEGISLATIVE LEADERSHIP HAS.

WE'RE HOPEFUL WE'RE A MOMENT IN TIME BOTH WHEN THERE'S WILLINGNESS TO ATTACK THESE ISSUES THAT LININGS UP WITH PEOPLE'S DIRE NEED FOR RELIEF.

WE SEE GAS PRICES SPIKING.

WE'VE SEEN INFLATION SPIKING.

AND WE HAVE A BOATLOAD OF CASH THAT WE DIDN'T BUDGET FOR THAT WAS OVER $4.6 BILLION IN MORE REVENUE THAN WE PLANNED TO TAKE FROM TAXPAYERS.

SO GIVING THAT BACK, ONE OF THE EASIEST DECISIONS WE'VE EVER MADE.

>> SO, THERE IS ACTUALLY SOME LEGISLATIVE MOVES AFOOT TO DO THAT.

TELL ME ABOUT ONE BILL THAT HAS BEEN TALKED ABOUT THAT WOULD PUT SOME MONEY BACK INTO RESIDENTS' POCKETS, A COUPLE HUNDRED DOLLARS IN TERMS OF TAX RELIEF.

>> WELL, THE ARGUMENT WITH THAT PROGRAM WOULD GIVE $500 TO INDIVIDUALS, $1,000 TO HOUSEHOLDS THAT -- AS A CREDIT TO PUT ON THEIR INCOME TAX.

IT WOULD BE VERY QUICK.

IT WOULD HAPPEN THIS SPRING OR INSTANTLY, IF WE WANTED TO MOVE EVEN FASTER.

BUT IT'S NICE, NEAT, CLEAN, AND IS EASY TO UNDERSTAND BY BOTH OUR TAX SYSTEMS AND BY RESIDENTS.

SO THAT IS WHAT -- THAT WOULD RIGHT OFF THE BAT PUT ABOUT $3 BILLION INTO THE HANDS OF NEW JERSEY TAXPAYERS.

$1,000 A HAUS OUSEHOLD.

IT GOES A LONG WAY TO OFFSETTING INCREASED GAS PRICES AND THE OTHER BURDENS OF INFLATION THAT HAVE BEEN INFLICTED ON FOLKS OVER THE YEARS AND THE INCREASED MURPHY TAXES AS WELL.

>> SO, OBVIOUSLY REPUBLICANS ARE IN THE MINORITY IN THE LEGISLATURE.

ARE YOU HEARING AT ALL FROM YOUR DEMOCRATIC COLLEAGUES THAT THERE COULD BE MOVEMENT ON THIS PARTICULAR PIECE OF LEGISLATION?

>> WE'RE HEARING THAT THERE'S INTEREST IN MOVING FORWARD WITH SOMETHING.

THERE'S A LOT OF LOOKING AT WAYS TO TRY TO CUT THE GAS TAX AT THIS POINT.

THIS PARTICULAR NICE, NEAT, CLEAN AND DRAMATIC MOVE TO SHOW TAXPAYERS WE CARE ABOUT THEM HAS NOT BEEN EMBARRASSED YET BY THE DEMOCRATIC LEGISLATIVE LEADERSHIP, WHICH LEADS ME TO BELIEVE THAT WE MIGHT BE SEEING MORE LIP SERVICE THAN ACTUAL SERVICE DEDICATION.

BUT WE'LL SEE.

>> SENATOR, GOOD TO CATCH UP WITH YOU AGAIN.

TAKE CARE.

>> APPRECIATE IT.

>> WITH GAS PRICES AT RECORD HIGHS, ONE DEMOCRATIC STATE LAWMAKER WANTS TO REDUCE OR ELIMINATE THE STATE'S GAS TAX FOR A PERIOD OF TIME.

ASSEMBLYMAN PAUL MORIARTY HAS WRITTEN LEGISLATION THAT WOULD REDUCE THE STATE GAS TAX BY 50% IF THE AVERAGE PRICE OF A GALLON OF GAS REACHES $4.51 DURING THE MONTHS OF JUNE, JULY, AND AUGUST.

IF GAS PRICES GO AS HIGH AS $5.01 A GALLON DURING THE SUMMER MONTHS, THE STATE GAS TAX WOULD BE REDUCED BY 75% AND THE TAX WOULD BE SUSPENDED IF THE PRICE TOPS $5.50 A GALLON.

REVENUES COLLECTED FROM THE GAS TAX IN NEW JERSEY ARE DEPOSITED INTO THE TRANSPORTATION TRUST FUND TO SUPPORT THE STATE'S TRANSPORTATION SYSTEM.

TO MAKE SURE THAT REMAINS FULLY FUNDED, THE ASSEMBLYMAN PROPOSES TRANSFERRING MONEY FROM THE STATE SALES TAX INTO THE TRANSPORTATION TRUST FUND.

NEW JERSEY'S CURRENT GAS TAX IS 4 THE 2.4 CENTS A GUILTY.

GOVERNOR MURPHY IS LEADING A FOUR-DAY ECONOMIC TRIP TO IRELAND NEXT MONTH.

A DELEGATION FROM THE STATE WILL VISIT DUBLIN SEEKING TO DRUM UP BUSINESS FOR NEW JERSEY.

MURPHY AND OTHERS WILL MEET WITH LEADERS IN THE TECHNOLOGY, LIFE SCIENCES, AND PHARMA INDUSTRIES.

THE ADMISSION TO THE EMERALD ISLE WAS ANNOUNCED ON ST. PATRICK'S DAY.

>>> IT'S NOT OFTEN A BRAND-NEW BUSINESS BLOSSOMS IN THE STATE BUT IN NEW JERSEY WE ARE MUCH CLOSER TO THE START OF LEGAL, RECREATIONAL MARIJUANA SALES.

THIS PAST WEEK, THE STATE CANNABIS REGULATORY COMMISSION BEGAN ACCEPTING APPLICATIONS FROM THOSE INTERESTED IN OPENING RETAIL SHOPS TO SELL WEED TO ADULTS.

SO, WE'RE PUTTING THE MARIJUANA MARKET IN FOCUS THIS WEEK.

ONCE NEW JERSEY'S MARKET KICKS INTO GEAR, SALES FOR RECREATIONAL MARIJUANA ARE EXPECTED TO REACH $775 MILLION THIS YEAR AND THE MARKET WILL GROW TO MORE THAN $2 BILLION BY 2026.

MEANTIME, MEDICAL MARIJUANA SALES ARE FORECAST TO PEAK BY NEXT YEAR.

CERTAIN APPLICATIONS FOR LICENSES WILL BE PRIORITIZED BY THE CANNABIS COMMISSION, INCLUDING BUSINESSES OWNED BY INDIVIDUALS WITH PAST CANNABIS CONVICTIONS, THOSE FROM CERTAIN ECONOMICALLY DISADVANTAGED AREAS, AND MINORITY OWNED AND WOMEN-OWNED BUSINESSES.

WOMEN HAVE MADE SOME INROADS IN THE CANNABIS INDUSTRY.

CLOSE TO 20% OF ALL OF THE NATION'S CANNABIS BUSINESSES ARE OWNED BY WOMEN.

THE NUMBER OF WOMEN-OWNED DISPENSARIES VARIES WIDELY BY STATE AS YOU CAN SEE HERE.

NEW JERSEY VOTERS APPROVED LEGALIZING POT BACK IN NOVEMBER 2020, AND IT'S TAKEN SOME TIME TO GET TO THIS POINT.

PEOPLE ARE EAGER TO GET STARTED IN THE BUSINESS.

WITHIN THE FIRST 24 HOURS AFTER THE STATE BEGAN ACCEPTING APPLICATIONS FOR RETAIL CANNABIS LICENSES, IT RECEIVED MORE THAN 200 APPLICATIONS.

I SAT DOWN WITH JEFF BROWN, THE EXECUTIVE DIRECTOR OF THE NEW JERSEY CANNABIS REGULATORY COMMISSION, TO FIND OUT WHAT HAPPENS FROM HERE.

JEFF, IT SEEMS WITHIN THE FIRST 24 HOURS OF OPENING APPLICATIONS, YOU GOT QUITE A FEW OF THEM.

WHAT ARE THE LATEST NUMBERS?

>> WE OPENED UP APPLICATIONS FOR CULTIVATION SITES AND PRODUCT MANUFACTURERS IN DECEMBER.

WE HAD ONLY RECEIVED ABOUT 135 BY THE MORNING OF THE NEXT DAY.

HERE WE'VE RECEIVED OVER 260 IN THE FIRST 24 HOURS.

>> HOW MANY APPLICATIONS ARE YOU EXPECTING TO RECEIVE TOTAL OR PERHAPS DO YOU HAVE TO PUT YOUR ESTIMATES UP A BIT?

>> THERE'S A TREMENDOUS AMOUNT OF INTEREST HERE.

THERE'S A LOT OF PEOPLE WHO WANT TO GET INTO THIS NASCENT INDUSTRY.

THERE ARE A LOT OF ASPIRING ENTREPRENEURS, A LOT OF FOLKS WHO, YOU KNOW, ARE LOOKING TO START A NEW LIFE, START A NEW BUSINESS WHEN IT COMES TO CANNABIS, AND OUR GOAL IN SIGNING UP THIS MARKET IS TO REALLY GIVE THOSE ENTREPRENEURS AN OPPORTUNITY TO PROVE THEMSELVES IN THE MARKET, WHICH IS WHY IT'S A PRIORITY FOR US TO GET THROUGH THESE APPLICATIONS AND START GETTING LICENSES ISSUED.

>> WHAT'S THE TIME LINE FOR DOING THAT, WORKING YOUR WAY THROUGH THESE APPLICATIONS AND THEN DELIVERING LI ING LICENSES?

>> INITIALLY IT WILL BE MORE THAN 90 DAYS TO REVIEW APPLICATIONS.

WE RELEASED A PRE-APPLICATION WEBINAR BACK IN DECEMBER BEFORE WE STARTED ACCEPTING ANY APPLICATIONS, YOU KNOW, NOTIFYING POTENTIAL APPLICANTS INITIALLY IT WOULD BE MORE THAN 90 DAYS TO REVIEW APPLICATIONS, BUT OUR GOAL IS TO GET THAT UNDER 90 DAYS, PARTICULARLY FOR CONDITIONAL LIE SENSES.

CONDITIONAL LICENSES ARE THE TYPE OF LICENSE WHERE AN APPLICANT CAN GET AN INITIAL APPROVAL FROM THE CANNABIS COMMISSION BEFORE THEY HAVE TO PAY FOR A BUILDING, BEFORE THEY HAVE TO GET MUNICIPAL APPROVAL.

FOR THOSE, YOU KNOW, OUR GOAL IS TO GET THAT UNDER 90 DAYS.

THIS INITIAL INFLUX OF LICENSE APPLICATIONS JUST GIVEN THE VOLUME, IT WILL TAKE ADDITIONAL TIME, BUT I'M CONFIDENT WE'LL GET REVIEWS UNDER 90 DAYS FOR CONDITIONAL LICENSES ESPECIALLY.

>> SO, OF COURSE THE MILLION-DOLLAR QUESTION IS, WHEN ARE WE GOING TO SEE LEGAL SALES KICK OFF IN NEW JERSEY?

>> WE WANT TO GET THIS DONE AS SOON AS POSSIBLE, BUT IT'S ALWAYS BEEN A PRIORITY TO MAKE SURE WE'RE DOING OUR DUE DILIGENCE IN SETTING UP THIS MARKET IN A WAY THAT IS EQUITABLE AND SAFE.

AND, YOU KNOW, WE CONTINUE TO WORK AT BOTH THOSE VALUES.

YOU KNOW, GETTING THESE NEW BUSINESS APPLICATIONS UP AND GOING IS CRITICAL BECAUSE CREATING A PATHWAY FOR NEW BUSINESSES INTO THE MARKET, PARTICULARLY BUSINESSES OWNED BY ENTREPRENEURS WHO MAY HAVE PAST CRIMINAL CONVICTION FOR CANNABIS OR ENTREPRENEURS WHO ARE FROM ECONOMICALLY DISADVANTAGED AREAS, GIVING THEM A PATHWAY TO SUCCESS IS IMPORTANT TO US.

AND THE SECOND PIECE IS, YOU KNOW, OUR CURRENT MEDICAL INDUSTRY HAS THE OPPORTUNITY TO EXPAND INTO THE RECREATIONAL INDUSTRY.

AND SO THAT'S, YOU KNOW, PROBABLY GOING TO BE THE FASTEST AVENUE TO SALES.

BUT WE WANT TO MAKE SURE WE'RE WORKING BOTH SIMULTANEOUSLY SO THAT, YOU KNOW, THERE'S A PATHWAY FOR NEW BUSINESSES AS WELL AS A PATHWAY FOR EXISTING BUSINESSES.

>> SO I'M GOING TO PUSH YOU A LITTLE BIT.

WHEN YOU SAY AS SOON AS POSSIBLE, IS THAT WITHIN WEEKS?

>> I CAN'T COMMIT TO A DATE.

I CAN'T COMMIT TO WITHIN WEEKS.

I MEAN, I THINK WE WOULD LOVE TO SEE IT HAPPEN WITHIN WEEKS, BUT AGAIN, WE HAVE TO BALANCE I THINK OUR GOALS OF ENSURING THIS IS DONE EQUITABLY AND COMPLIANT WITH THE LAW.

>> YOU'LL BE BUSY IN THE NEXT COUPLE WEEKS.

THANKS FOR SPENDING TIME WITH US TODAY.

THANK YOU SO MUCH.

>> THANK YOU.

IT WAS A PLEASURE.

>> CRITICS OF MARIJUANA LEGALIZATION WORRY ABOUT THE POTENTIAL HARM TO PUBLIC HEALTH.

ONE IS CONFIDENT THAT THE PROPER PRECAUTIONS ARE BEING SET UP.

>> WE HAVE HAD A MEDICAL MARIJUANA PROGRAM IN PLACE FOR OVER A DECADE, AND SO THERE HAS BEEN NO REPORTS OF INCREASES IN CRIME OR INCREASES IN TRAFFIC FATALITIES.

SO WE'VE HAD LEGALIZED CANNABIS IN NEW JERSEY FOR OVER A DECADE.

THE SKY DID NOT FALL.

WE PASSED A REFERENDUM.

WE PUT REGULATIONS IN PLACE.

THE SKY HASN'T FALLEN.

SO ALL OF THE SAFE GUARDS THAT WE ARE CONTINUALLY WORKING ON, MY ASSOCIATION, THE NEW JERSEY BUSINESS SITUATION, WORKING, COORDINATING WITH THE CRC, WE ARE MAKING SURE THAT SAFE GUARDS ARE IN PLACE.

>> BEFORE ANY CANNABIS BUSINESSES OPEN THEIR DOORS, THEY WILL NEED TO BE STAFFED UP AND READY TO GO.

I SAT DOWN WITH JENNIFER MAIDEN, THE ASSISTANT DEAN OF GRADUATE BUSINESS PROGRAMS AT ROWAN UNIVERSITY'S COLLEGE OF BUSINESS TO LEARN HOW THE SCHOOL IS PREPARING ITS STUDENTS FOR CANNABIS CAREERS.

>> MANY PEOPLE IN NEW JERSEY ARE EAGERLY AWAITING THE START OF THE RECREATIONAL CANNABIS INDUSTRY.

DO WE HAVE A WORKFORCE AT THE READY FOR IT?

>> THERE IS A LOT OF INTEREST IN GETTING INTO THE WORKFORCE, AND DEPENDENT ON WHAT TRAINING IS REQUIRED, WE HAVE SOME PEOPLE WHO ARE READY AND OTHERS EAGER TO GET INTO THE GAME.

>> WHAT SORT OF SKILLS ARE NEEDED FOR THIS NEW AND POTENTIALLY GROWING INDUSTRY?

>> WHEN WE THINK ABOUT THE SKILLS THAT ARE NEEDED, IT'S EVERYTHING FROM MAYBE SOME OF THE MORE OBVIOUS OR COMMON THINGS THAT PEOPLE THINK ABOUT, WORKING IN A DISPENSARY, WORKING IN A GROW FACILITY, BUT THE INDUSTRY NEEDS EVERYTHING.

THEY NEED PEOPLE COMING FROM AREAS OF ACCOUNTING AND SUPPLY CHAINS.

THEY NEED PEOPLE TO COME IN FROM OTHER INDUSTRIES AND TRANSFER IN SKILL SETS FROM OTHER INDUSTRIES INTO THE CANNABIS INDUSTRY AS IT'S GROWING.

MARKETING IS ALSO A REALLY BIG AREA, AND THEN HEALTH CARE AND EVERYTHING RELATED TO HEALTH AND WELLNESS IS A WHOLE OTHER AREA WHERE THERE'S A GREAT AMOUNT OF DEMAND.

OF COURSE, THERE IS THE RESEARCH SIDE OF THINGS, AND THAT'S ALL DIFFERENT TYPES OF RESEARCH.

SOME OF IT MIGHT BE MEDICAL RESEARCH, SOME OF IT COULD BE SOCIAL RESEARCH AS WELL.

>> SO, AT ROWAN, WHAT SORT OF INTEREST ARE YOU SEEING FROM YOUR STUDENTS IN PURSUING CAREERS IN THE INDUSTRY?

>> WE SEE A LOT OF INTEREST FROM OUR STUDENTS.

THEY'RE REALLY CURIOUS TO UNDERSTAND WHAT DOES IT MEAN TO ACTUALLY GET INTO THE INDUSTRY.

SOME STUDENTS ARE REALLY INTERESTED IN SOME OF THOSE MORE OBVIOUS THINGS THAT THEY'RE AWARE OF BECAUSE YOU SEE THEM MORE OFTEN, TALKING ABOUT EITHER WORKING IN A DISPENSARY OR RUNNING YOUR OWN DISPENSARY OR GROW FACILITY OR DISTRIBUTION MODEL, BUT MORE STUDENTS ARE UNDERSTANDING THAT THOSE IN ACCOUNTING, MARKETING, SUPPLY CHAIN, THOSE ARE IMPORTANT AS WELL.

THE MORE THAT OUR STUDENTS LEARN TO UNDERSTAND WHAT THOSE OPPORTUNITIES ARE, THE MORE THEY'RE SHOWING INTEREST IN ALL OF THESE DIFFERENT AREAS AS WELL.

>> AND HOW ARE YOU CATERING SOME OF THE EDUCATIONAL NEEDS SO THAT THEY'RE ABLE TO GO OUT INTO THE WORKFORCE AND GET THAT JOB IN CANNABIS?

>> WE HAVE SPENT A LOT OF TIME TALKING WITH PEOPLE AT INDUSTRY THAT UNDERSTAND BETTER WHAT IS IT THEY ACTUALLY NEED FROM PEOPLE COMING OUT OF THE UNIVERSITY SETTING SO THAT THEY CAN ACTUALLY SATISFY THE JOB REQUIREMENTS THAT THE INDUSTRY IS GOING TO BE INTERESTED IN.

WE HAVE PUT TOGETHER A GOOD NUMBER OF COURSES, BOTH AT THE GRADUATE LEVEL AND THE UNDERGRADUATE LEVEL IN A FEW DIFFERENT AREAS.

WE HAVE UNDERGRADUATE FOR THE MBA COURSE AND CANNABIS.

WE HAVE A HANDFUL OF COURSES IN CHEMISTRY AT THE UNDERGRADUATE AND GRADUATE LEVEL.

CLASSES ON THE SOCIAL SCIENCES SIDE WHERE STUDENTS CAN EXPLORE WHAT DOES IT MEAN FOR TOWNS, COMMUNITIES, PEOPLE, SOCIAL MOVEMENTS THINKING ABOUT THE CANNABIS INDUSTRY.

ANOTHER THING THAT WE ARE JUST STARTING TO DO IS WORKING WITH INDUSTRY GUEST SPEAKERS SO THAT WE CAN ACTUALLY HAVE INDUSTRY PEOPLE SPEAKING DIRECTLY TO OUR STUDENTS.

>> IT'S GREAT TO HEAR WHAT'S GOING ON AT ROWAN.

AS WE WATCH THIS INDUSTRY UNFOLD, I'M SURE WE'LL CONTINUE TO HEAR A LOT ABOUT OPPORTUNITIES IN SOUTH JERSEY AND ELSEWHERE.

THANKS FOR YOUR TIME TODAY.

>> GREAT.

THANK YOU.

>>> IF YOU WANT TO BE SUCCESSFUL IN BUSINESS, NETWORKING CAN OFTEN HELP.

IN THE CANNABIS WORLD, ONE FEMALE ENTREPRENEUR FOUND THERE WEREN'T A LOT OF WOMEN IN THE FIELD, ESPECIALLY RIGHT AWAY.

SO SHE CREATED A NETWORK FOR WOMEN IN CANNABIS TO CONNECT WITH, LEARN FROM, AND DO BUSINESS WITH OTHER WOMEN.

I SPOKE WITH BROOK WESTLAKE, WHO CREATED THE WOMEN IN CANNABIS EXPO.

AS THE CANNABIS INDUSTRY, THE RECREATIONAL INDUSTRY BEGAN TO DEVELOP, YOU SAW A NEED FOR WOMEN TO CONNECT.

WHAT WAS MISSING IN TERMS OF THE FEMALE INVOLVEMENT IN CANNABIS AS THINGS BEGAN LEGALIZING ACROSS THE U.S.?

>> WHEN I BEGAN THIS INDUSTRY IN 2019 OF DECEMBER, I WENT TO A WOMAN'S NIGHT AT A BIG CONFERENCE, AND AFTER ATTENDING THAT WOMAN'S NIGHT, BECAUSE I WAS IN THE PROCESS OF OPENING A TESTING LAB, I REALIZED THAT THERE WAS A VERY BIG MISSING COMPONENT, WHICH WAS THE EXPO FOR WOMEN.

I SPENT SOME TIME LOOKING ON THE INTERNET TO ACTUALLY GO AND SPEND MONEY TO GO AND NETWORK WITH WOMEN IN THIS INDUSTRY AND COULD NOT FIND ANYTHING.

AND SO I DEVELOPED THE WOMEN IN CANNABIS EXPO FOR WOMEN.

MEN ARE WELCOME AT OUR EVENTS, BUT THAT WAS WHAT I DEVELOPED.

>> SO, NOW THAT IN NEW JERSEY WE ARE POISED TO START A RECREATIONAL MARKET, HOW DOES IT LOOK FOR WOMEN IN OUR STATE?

>> EVERY STATE IS VERY DIFFERENT AND CHALLENGING.

I BELIEVE THAT NEW JERSEY HAS DONE SOME FUNDING THAT THEY'VE SET ASIDE FOR FAIR EQUITY.

BUT THERE HASN'T BEEN ANY TRANSPARENCY IN ANY OF THE STATES THAT I HAVE WORKED WITH AS FAR AS WHO IS GETTING THOSE FUNDS, HOW ARE THOSE FUNDS BEING DISTRIBUTED TO INDIVIDUALS, TO WOMEN.

MORE STATES AS THEY ADOPT RECREATIONAL MARIJUANA HAVE DEFINITELY PROVIDED OR HAVE INCLUDED THAT AS PART OF THEIR LAW.

BUT IT'S REALLY A MATTER OF TIME BEFORE WE ACTUALLY SEE WHAT THOSE OUTCOMES ARE OR WHO THOSE FUNDS WERE AWARDED TO.

SO IT WILL BE VERY INTERESTING BECAUSE YOU GUYS ARE JUST GETTING STARTED, AND IT WILL TAKE TIME TO REALLY SEE WHAT HAPPENS WITH HOW MANY WOMEN GO INTO THE INDUSTRY IN YOUR AREA.

>> WHAT IS THE CHALLENGE FOR WOMEN?

WHY ARE WE SEEING THIS UNDERREPRESENTATION WITHIN CANNABIS?

>> THE BIGGEST CHALLENGE WITH CANNABIS OVERALL FOR WOMEN, MINORITIES, AND THOSE WITH DISABILITIES IS WE DON'T HAVE ACCESS TO FUNDING, SO TO SPEAK.

SO IN THE CANNABIS WORLD, YOU CAN'T JUST GO INTO A BANK AND GET A BANKING LOAN TO OPEN A BUSINESS, A DISPENSARY, A LAB.

IT'S ALSO ALL CASH-FUNDED MONEY.

AND THE PEOPLE THAT GENERALLY HAVE THOSE DEEP POCKETS TEND TO BE OLDER WHITE MALES, AND UNFORTUNATELY, THAT PUTS A DISPARITY BETWEEN WOMEN GOING INTO THIS BUSINESS, MINORITIES GOING INTO BUSINESS, OR THOSE WITH DISABILITIES.

THEY DON'T OFTENTIMES HAVE THESE DEEP POCKETS.

AS STATES HAVE ADOPTED CANNABIS UNDER RECREATIONAL LAW, THEY'VE TACKED ON DIFFERENT FEES AND ITEMS YOU HAVE TO PAY.

SO IT'S VERY PRICEY TO GO INTO THE CANNABIS INDUSTRY.

>> HOW DOES MAKING CONNECTIONS BETWEEN WOMEN IN THE INDUSTRY HELP?

FOR INSTANCE, ARE THERE FEMALES WHO CAN FUND SOME WOULD-BE ENTREPRENEURS?

>> I HAVE ACTUALLY BEEN IN DISCUSSIONS WITH A GROUP THAT I'M WORKING WITH AND TOLD THEM, THERE NEEDS TO BE FUNDING FOR WOMEN.

IF A GROUP OF BACKERS OR INVESTORS ON THE BACK END COULD GET TOGETHER AND FUND WOMEN'S PROJECTS IN THIS INDUSTRY, IT COULD BE QUITE FINANCIALLY SOUND FOR THEM.

SO IT'S JUST A MATTER OF MORE GROUPS COMING TOGETHER OR EVEN WOMEN WHO ARE INDEPENDENTLY WEALTHY SEEING THAT THIS MARKET IS A VERY VIABLE BUSINESS MARKET, AND TO PUT THEIR MONEY INTO THIS MARKET.

>> IT'S BEEN GREAT CHATTING WITH YOU ABOUT YOUR RECORDS ON THIS FRONT.

THANK YOU.

>> THANK YOU SO MUCH.

>>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

JOIN US NEXT WEEK WHEN WE LOOK AT THE BUSINESS BEHIND THE ARTS AND NEW JERSEY, INCLUDING HOW LOCAL ARTISTS ARE USING THE BLOCKCHAIN.

THANK YOU FOR WATCHING "NJ BUSINESS BEAT."

ENJOY YOUR WEEKEND AND WE'LL SEE YOU NEXT WEEK.

>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY -- MORE THAN 110 YEARS, NJBIA HAS BEEN FOCUSED ON THE ADVANCEMENT AND SUCCESS OF OUR MEMBERS.

WE'RE THE VOICE REPRESENTING ALL INDUSTRIES, WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROW ADVOCACY, SUPPORT, NETWORKING, AND BENEFITS.

NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STP ACE WAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY AND MINUTES FROM WALL STREET.

LEARN MORE AT THE WEBSITE.

IBEW LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT THE WEBSITE.

IBEW102.ORG