New Jersey Recreational Sales Could Begin In weeks

Legal adult-use cannabis sales could begin within weeks as the state has approved seven licenses for companies already selling medical marijuana. The news came during a meeting held today by videoconference with the five-member Cannabis Regulatory Commission. The commission licensed 13 individual dispensaries located throughout New Jersey, but the seven companies must pay upward of $1 million in fees associated with the expanded licenses.

“The path to get there does not have to be any specific length of time,” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “It doesn’t have to be 30 days. It can be less. It can be more.”

The companies assured the commission that they had the supply and inventory ready to support the business. “I do expect to see some heavy lines and heavy traffic around some of these facilities,” said Dianna Houenou, chairwoman of the commission.

George Archos, Verano (OTC: VRNOF) Founder and Chief Executive Officer said, “Today’s announcement is truly a monumental day for cannabis in New Jersey. The introduction of personal use sales will provide tremendous economic growth, tax revenue, and career opportunities for the benefit of countless New Jersey residents and businesses. On behalf of Verano, we are ready to welcome personal use customers alongside our valued medical patients at our New Jersey Zen Leaf dispensaries, where our attentive staff will provide compassionate care and counsel for our visitors for years to come. I’d like to thank Governor Murphy, CRC Executive Director Jeff Brown, and all the Commissioners, for their leadership in bringing this historic transition to life.”

Verano’s New Jersey footprint consists of three cannabis dispensaries operated under the Company’s flagship Zen Leaf brand in Elizabeth (117 Spring St), Lawrence Township (3256 Brunswick Pike), and Neptune Township (2100 Route 66), along with a state-of-the-art, 120,000 square foot cultivation and processing facility in Branchburg. Nationally, the Company’s active operations span 13 states, comprised of 95 dispensaries and 12 cultivation and processing facilities with more than 1 million square feet of cultivation capacity.

Curaleaf (OTC: CURLF) also made a statement on Twitter saying, “Today, the CRC gave us the green light to begin adult-use sales at our New Jersey locations pending final inspection and licensure. We look forward to sharing our passion for the plant with recreational customers and welcoming them to the cannabis community.”

Other companies given approval were Green Thumb Industries (OTC: GTBIF)and TerrAscend (OTC: TRSSF)

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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