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StaffOctober 19, 2022
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The Daily Hit is a recap of cannabis business news for Oct. 19, 2022.

ON THE SITE

Circle K Owner Doubles Down on Cannabis Bet in Florida

Florida medical marijuana patients might soon have the option to buy their medicine from a gas station next year. Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) said on Wednesday that it struck a deal with Alimentation Couche-Tard Inc. to start selling cannabis via Circle K convenience stores. Read more here.

Tilray Bullish on Alcohol as Cannabis Profits Shrink

As the cannabis sector hangs by threads, one company is riding the ethanol tide in search of higher margins. Tilray Brands Inc. (Nasdaq: TLRY) said its Breckenridge Distillery will partner with Anheuser-Busch-owned Breckenridge Brewery on a barrel-aged beer and beer-aged whiskey under the banner Buddy Pass. Tilray executives said that they remained bullish on the alcohol sector, as the business segment generated $20.7 million, rising 34% versus the prior year quarter. Read more here.

Leafly Cuts 21% of Staff in Quest to Cut Costs

Leafly (Nasdaq: LFLY), an online cannabis information resource and marketplace, announced Tuesday that it would cut 21% of its workforce as part of new cost-saving measures. Overall, annual cash savings are expected to be $16 million beginning in 2023, primarily due to reduced headcount. Read more here.

Layoffs Mark Next Stage of Cannabis Industry Cutbacks

As of January 2022, cannabis supported 428,000 full-time jobs in America. That equates to more than 107,000 jobs added in 2021, according to the 2022 Jobs Report from Leafly. While that marks the fifth year of industry job growth above 27%, 2022 might break that trend, as cannabis companies have been shifting gears and tightening budgets to boost bottom lines – including cutting staff. Read more here.

Local Modiv Fights Back Against Jersey City Denial

A legal battle is heating up in Jersey City, New Jersey after the applicant Local Modiv was denied a cannabis license. Both Local Modiv and Jersey City filed briefs filed last week in Hudson County Superior Court according to Law 360. In its brief Local Modiv claimed that the CCB (Cannabis Control Board) abused its authority by reviewing Plaintiff’s application for “proof of local support” based on factors that it claimed were completely inapplicable. Read more here.

IN OTHER NEWS

Green Organic Dutchman/BZAM

The Green Organic Dutchman (OTC: TGODF) shares popped on the news that it bought privately owned Canadian-based BZAM Holdings (BZAM) in an all-stock deal. BZAM shareholders will end up holding roughly 49.5% of the combined company. The deal is expected to close on Nov. 8, 2022. Read more here.

NewAge Inc. (formerly known as New Age Beverages Corp.)

The Securities and Exchange Commission filed charges against Brent David Willis, the former chief executive officer of NewAge Inc. (formerly known as New Age Beverages Corp.), alleging that Willis engaged in a multiyear fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings. Read more here.

AmeriCann Inc.

AmeriCann Inc., a cannabis company that develops state-of-the-art cultivation, product manufacturing, and distribution facilities, reported a significant increase in year-over-year revenue, climbing more than 44% for the fiscal year ending Sept. 30, 2022, compared with the prior year. Read more here.


Debra BorchardtOctober 19, 2022
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A legal battle is heating up in Jersey City, New Jersey after the applicant Local Modiv was denied a cannabis license. Both Local Modiv and Jersey City filed briefs filed last week in Hudson County Superior Court according to Law 360.

Local Modiv had applied for an adult-use license but was denied. In its brief Local Modiv claimed that the CCB (Cannabis Control Board)  abused its authority by reviewing Plaintiff’s application for “proof of local support” based on factors that it claimed were completely inapplicable. Jersey City is pushing back saying it isn’t a rubber stamp authority and that it’s in the CCB’s authority to review each application.

The Motion from Local Modiv stated, “Not only did the CCB review Plaintiff’s application for “proof of local support” based on inapplicable factors, it also reached unsupported conclusions with respect to such factors. For example, the CCB concluded that Plaintiff did not present a sufficient “workforce development and job creation plan” when, in fact, Plaintiff submitted a comprehensive 14-page plan that more than meets the requirements of this factor. Further, the CCB incorrectly concluded that Plaintiff misled the CCB to believe that its application was supported by the City Council President (when Plaintiff’s application and testimony is devoid of any such statements). The CCB also erred when it concluded that Plaintiff did not demonstrate sufficient community outreach, while ignoring the entirety of Plaintiff’s comprehensive community outreach objectives and longstanding history of community service within Jersey City. In other words, the CCB blatantly applied the wrong factors in evaluating Plaintiff’s application and then reached conclusions that have no support in the record.”

Local Modiv Problems

Site Location

Jersey City noted in its brief that the CCB found that LocalModic lacked “site control” over the proposed location of its business especially since it could not produce a lease with the
building owner and there were no records establishing the building owner actually existed. The CCB also claimed that there were too many applicants seeking Class 5 retail locations in the vicinity of Local Modiv, including within 1,000 feet.

Local Modiv though stated that the CCB expressly acknowledged on the record, the number of other applicants in the area is not a factor that the CCB is tasked with considering.

In addition to the proximity of other applicants, the proposed lease for the property submitted to the CCB was signed by Issac Sebbag on behalf of his company Golden Sky Equities, LLC, as landlord on March 9, 2022. Unfortunately, the CCB Board said the New Jersey Division of Revenue & Enterprise Services’ Business Records Service contains no such New Jersey business entity.

Local Support

When it came to having local support for the dispensary, the CCB said in its brief that Local Modiv misled the board to believe it had support from a member of the City Council, and failed to demonstrate a relationship with community entities and a Special Improvement District. The CCB also said they Local Modiv failed to produce correspondence from the Special Improvement District (SID).

Digging a little further into the support from the SID, The Jersey City Motion said that Local Modiv had claimed to have the support, but then couldn’t produce a letter to back up that claim. Plus, no member of the SID showed up at a June 13 hearing, and when asked why no member was there to support the company, Local Modiv’s CEO suggested that the SID was prioritizing people that made donations to the organization.

The CCB gave Local Modiv another two weeks to get the SID support and scheduled another hearing for June 27. Again Local Modiv was unable to produce support at the hearing but instead noted that the SID has supported an attempt for a medical cannabis license in 2019. However, that business was never established. The CCB has also asked that members of the community speak up in favor of the application aside from the SID. Again, there were “no neighborhood groups, businesses, or residents at the hearing, and no available written support in Plaintiff’s application to confirm whether prior outreach or meetings with local businesses had taken place.”

According to the Jersey City Motion, the CCB was “dismayed” that Local Modiv again suggested the SID was getting paid off for support but had no proof to support the claim.

Local Modiv did claim to have support from the Liberty Humane Society and cited issues with pets consuming cannabis and that it would address this problem – thus meeting the requirement of improving the community. “However, Board member Stacey Flanagan, who is also the City’s Director of the Department of Health and Human Services, noted
that she ‘manage[s] animal control and I’ve never heard of such phone calls about pet accidents and cannabis consumption.'”

Local Modiv also noted in its Motion that “A relationship with the SID is not a requirement under the Ordinance and that it had not required any other applicant to provide proof of a relationship with the SID.” Local Modiv also said that its interpretation of local support means that the applicant is in a municipality whose rules allow a retail cannabis operation – not that it gets the neighbor’s support.

Hiring Practices

While the CCB liked that Local Modiv was a female-owned company and wanted to hire underserved and minority employees it was also concerned that relationships with several organizations were either outdated or unsupported by documents or testimony that could provide the CCB with confidence that Local Modiv would follow through meaningfully.

Local Modiv said that all it is required to do is present a plan according to the CCB’s ordinance. Local Modiv said its application contained a comprehensive 14-page “Workforce Development and Job Creation Plan.” Local Modiv went on to claim that it had partnered with “#HIREBLACK,” a network of 15,000 people and counting whose goal is to help 10,000 Black women get trained, hired, and promoted in corporate positions. The company also said it planned to host job fairs throughout Jersey City and northern New Jersey to attract “local diverse talents from socio-economically disadvantaged communities, individuals with prior entanglements in the criminal justice or juvenile justice system, and people with disabilities.”

Community Support

Local Modiv also noted that its CEO Chelsea Duffy had done the following community work as evidence of its community involvement:

Volunteer work with representatives from the United Nations in forming the Women’s History Committee of Jersey City (which collaborates with local governments to advance women’s rights and positions in the workforce through the implementation of sustainable goals), the U.S. Women’s Chamber of Commerce, The New Jersey Association of Women Business Owners (the longest-standing statewide women business owners’ organization in New Jersey), Women Grow (which serves as a catalyst for women to influence and succeed in the cannabis industry), and CannaConvos (a women-focused cannabis education, outreach, and advocacy group started by Ms. Duffy along with another co-founder of Plaintiff, Nicole Colon).  Partnering with CannaGather NJ for multiple coat drives (in which Plaintiff donated over 95 coats to less fortunate Jersey City
residents), participating in Jersey City Tech Meetups, participating in meetings of the New Jersey Counseling Association, hosting an open event for Mothers for Marijuana, and sponsoring and donating to the 5th and 6th Annual “Justice of All” Fundraiser (which supports The Waterfront Project, a nonprofit organization that provides pro bono legal representation and information to economically disadvantaged residents of Hudson County

In Closing

Sales of cannabis in the state have been robust and receiving a license has significant financial implications. It seems the courts will now have to decide who is correct in this situation.

 

 


StaffAugust 23, 2022
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The Daily Hit is a recap of cannabis business news for August 23, 2022.

ON THE SITE

New Jersey Sales Off to a Hot Start

Customer turnout, cross-border demand drive consumption up in the first three months of legal adult-use sales. A tidal wave of demand for pot in New Jersey is driving promising numbers for operators in the new adult-use cannabis market, according to a report from cannabis data firm BDSA. Read more here.

Ascend Dumps Its MedMen New York Deal

Ascend made pretty negative comments about the New York market in its decision to back out of buying MedMen’s assets. After spending time and money fighting MedMen (OTC: MMNFF) to close on its original agreement to sell its New York assets to Ascend Wellness (OTC: AAWH), the company apparently had buyer remorse. Read more here.

Still No Revenue For Nasdaq-Listed Bright Green

Bright Green posted mixed updates as it moves toward commercialization since moving into the Nasdaq Stock Market as a direct listing. Bright Green Corporation (Nasdaq: BGXX) posted mixed updates as it tries to inch toward commercialization since moving into the Nasdaq Stock Market as a direct listing. The company reported financial results for the quarter ending June 30, 2022. Read more here.

DMT Company GH Research Gives Business Update

GH Research PLC (Nasdaq: GHRS) reported financial results for the second quarter ended June 30, 2022 and gave updates on its business. The company has no revenue at this time and is focused on developing its DMT drugs for mental health issues. The company also said it does not expect to have revenue for several years. GH Research has $265.4 million in cash as of June 30, 2022, compared to $276.8 million as of December 31, 2021. The company said it believes that has enough capital to fund its operating expenses and capital expenditure requirements into 2025. Read more here.

Psychedelic Companies Turn Focus to Resilience

To talk about company resilience in the psychedelics industry is a bit premature. After all, most of the more prominent companies didn’t open their doors until 2016 or later. But it’s the perfect time to build a foundation for resilience while they look to a future of opportunity. Established life science businesses can help show the way. Read more here.

IN OTHER NEWS

Tilray Brands, Inc.

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has received approval and verification from The Natural Health Science Foundation of its flagship product, Tilray Purified Oral Solution CBD100, to be used in clinical trials in Australia and New Zealand. Read more here.

Chalice Brands Ltd.

Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced today that it has issued the following open letter to shareholders from the Chalice Brands leadership team. Read more here.


Adam JacksonAugust 18, 2022
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Ayr Wellness Inc. (OTCQX: AYRWF) hiked its outlook for the year on Thursday despite posting results that missed expectations — as sales slip and losses rise. The multi-state operator reported financial results for the first quarter ending June 30, 2022

Ayr reported approximately $110.1 million in revenue during the period, up 20.6% versus the same period last year; and a loss of 1% sequentially — below the Yahoo Finance Average analyst estimate for revenues of $114.81 million.

The company also reported a second-quarter net loss of $40.25 million, up 77% sequentially; versus a net loss of $37.4 million in the same period last year. The earnings were a loss of $0.56 per share versus a loss of $0.11 cents per share in the previous quarter.

“Our second half growth will be slower than previously expected, but the earnings power of the business remains outstanding,” said CEO Jonathan Sandelman. “We continue to make investments in people and processes, while remaining prudent through these turbulent economic times.”

Ayr reported a gross profit of $40.3 million, versus a gross profit of $45.5 million in the first quarter. Adjusted EBITDA was $19.6 million, down 28.5% from $27.4 million in the same period last year.

The company ended the quarter with a cash balance of $116.7 million and closed $81.5 million of real estate financing transactions, bringing the year-to-date total to $108 million with an annualized blended cost of capital of 7.8%.

East of the Mississippi

In May, the New Jersey Cannabis Regulatory Commission approved Ayr for adult-use cannabis sales for all three of its retail locations there — the maximum amount of dispensaries permitted under current state law.

The company since then has seen new revenue stream from both New Jersey and Boston; after Ayr received the green light to sell adult-use cannabis in Boston’s Back Bay, the company’s first adult-use dispensary in the neighborhood.

To the South, Ayr added two more Florida dispensaries to their 50 stores across the state.

Based on the second quarter results, “coupled with an uncertain macroeconomic backdrop,” Ayr also updated their guidance for the rest of the year; expecting revenue, adjusted EBITDA and operating income to grow around 10% sequentially by the third quarter, followed by “an acceleration in the pace of sequential growth in Q4 2022.”

“With our core operating footprint in place, the vast majority of our capex behind us, and a strong, $117 million cash position on our balance sheet,” Sandelman said, “we believe that we are well-placed to weather this economic environment and emerge stronger on the other side.”


Adam JacksonAugust 9, 2022
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Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) delivered positive results in the second quarter as the company moves away from established western markets in favor of emerging markets east of the Mississippi. The company reported its financial results for the first quarter ending June 30, 2022 after the market closed on Monday.

Acreage reported total revenue of $61.4 million, an increase of $17.1 million or 39% versus the second quarter of last year. The company posted a gross margin of 50% versus 52% in the previous quarter and 54% in last year’s second quarter. Acreage also posted a net loss of $9.9 million, versus $2.5 million in the same period last year.

New Jersey For the Win

Acreage said that growth over the past year was primarily driven by expansion into Ohio in addition to the green-lighting of adult-use sales in New Jersey, “which was somewhat offset by declines within the company’s operations that were held for sale.” The Botanist (Acreage’s dispensary name) is now available to adult-use consumers at the Egg Harbor Township and Williamstown dispensaries in southern New Jersey. Acreage also closed the sale of its four Oregon retail dispensaries branded as Cannabliss & Co.

“We were thrilled to execute on a significant milestone with the launch of adult-use sales in the state of New Jersey during the second quarter,” said CEO Peter Caldini. “The initial performance of our retail stores during the roll-out has been strong, and we believe there is an even bigger opportunity to further optimize our cultivation and wholesale capabilities to serve this growing market. We are working diligently to improve our New Jersey cultivation and processing operations to take advantage of the market opportunities that are available to us.”

Additionally, total revenue for the second quarter improved sequentially by $4.5 million or 8% versus the first quarter. The company said it was able to “overcome challenges associated with industry pricing pressures which negatively impacted revenues.”

Total operating expenses for the second quarter decreased by $3.3 million, or 11%, to $27.3 million, from the same quarter last year. Increases in compensation and general and administrative expenses were more than offset by reductions in equity-based compensation expenses, losses on notes receivable, and depreciation and amortization expenses, the company said.

Adjusted EBITDA was $10.4 million in the second quarter, versus $8.1 million in the same period last year and $8.6 million in the previous quarter this year. Adjusted EBITDA as a percentage of consolidated revenue was 16.9% for the quarter.

Looking Ahead

The company said it ended the quarter with $29.3 million in cash and cash equivalents. Additionally, $100.0 million was drawn under the credit facility entered in the fourth quarter last reporting year. A further $50 million is available in future periods under a committed accordion option once certain predetermined milestones are achieved, Acreage said, as it intends to use the money to “fund expansion initiatives, repay existing debt and provide additional working capital.”

“With the conclusion of our operations in Oregon following the end of the quarter, we are in a more favorable position to drive development in our core markets, where we see the best opportunity to foster long-term growth and enhance shareholder value,” Caldini added. “During the latter half of the year, we will continue our preparation for pending adult-use sales in these developing Northeastern markets, such as New York and Connecticut, in addition to strengthening our presence in New Jersey.”


StaffJuly 28, 2022
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The Daily Hit is a recap of the top cannabis business stories for July 28, 2022.

ON THE SITE

Tilray Delivers $457 Million New Loss For Fourth Quarter

Tilray Brands, Inc.  (Nasdaq: TLRY) reported financial results for the fourth quarter and full fiscal year ending May 31, 2022, with net revenue growing 8% to $153.3 million during the fourth quarter from $142.2 million for the same period last year. This dramatically missed the Yahoo Finance average analyst estimate for revenues of $247 million and only barely grew over the third quarter’s revenue of $152 million. Read more here.

New Jersey Juices 2nd Quarter For Some Lucky Cannabis Companies

Get ready for some cannabis companies to report boosted earnings as revenues got juiced from New Jersey adult-use sales. Cantor Fitzgerald analyst Pablo Zuanic thinks that the addition of this market could drive growth in second-quarter sales for several companies in a report he issued on Thursday. While there hasn’t been any official data from New Jersey on the number of sales, which began April 21, Zuanic thinks it could be as high as $60 million in the second quarter. Read more here.

Lifeist Sees More Setbacks After Floods Jeopardize Production

Lifeist Wellness Inc. (OTCMKTS: NXTTF) is still reeling from a natural disaster that threatened profits in the second quarter. The company announced its third-quarter financial and operating results for the three and nine-month periods ending May 31, 2022. Net revenue decreased 15% to $4.1 million in the second quarter versus $4.9 million posted the same time last year. The $800,000 loss in net revenue in the second quarter was due to a $1 million decrease in Australian Vaporizers hardware revenue caused by a flood-related operational shutdown in March and April. Read more here.

Psychedelic Drug Co’s Looking For Ways To Speed Up FDA Process

Among the four Food and Drug Administration (FDA) pathways for developing new drugs faster are Fast Track, created in 1997, designed to expedite the review of drugs to treat serious conditions and fill an unmet medical need; and Breakthrough Therapy, created by the FDA in July 2012, a process designed to expedite the development and review of drugs that are intended to treat a serious condition, where “preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over available therapy on a clinically significant endpoint(s).” Read more here.

Ice T and Charis B Win License To Open Jersey City Dispensary

Actor and musician Ice T is opening a recreational dispensary with Charis Burrett, founder of The Medicine Woman, in Jersey City, New Jersey after the city board granted approval for the shop. The approval came from the Jersey City Cannabis Control Board, which establishes and enforces the rules and regulations governing the licensing, cultivation, testing and selling of the plant. The shop will be named The Medicine Woman Jersey City and will include 5,000 square feet of retail space. Read more here.

IN OTHER NEWS

StateHouse Holdings Inc. (formerly Harborside Inc.)

StateHouse Holdings Inc. (CSE: STHZ) (OTCQX: STHZF), a California-focused, vertically integrated cannabis enterprise, is announced that it has reached a partial payment installment agreement with the Internal Revenue Service related to the federal tax returns of its wholly owned subsidiary Patients Mutual Assistance Collective Corporation for the 2007 to 2012 fiscal years and the 2020 fiscal year. Read more here.

Pineapple, Inc.

Pineapple, Inc. (OTC Pink: PNPL), is a public reporting company in the legal cannabis industry with assets including operational management, technology, IP licensing, cannabis property rentals, and equity ownership in cannabis retail and production facilities. The company today announced that having attained current standing with the reporting requirements of the United States Securities and Exchange Commission and applied for quotation on the OTC Markets platform, it has entered the anticipated final stages to become publicly quoted on the OTC Markets platform. Read more here.

Cogent Bank, Green Check Verified

Cogent Bank, a full-service financial institution in the southeastern U.S. region, today announced a partnership with Green Check Verified, the leading fintech provider of compliant cannabis banking solutions and services. Through this partnership, Cogent plans to offer their full suite of products and services to the entire supply chain of businesses within the cannabis banking ecosystem. Read more here.

Irwin Naturals Inc.

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) completed the acquisition of the assets of New England Ketamine, which is located in Salem, New Hampshire and serves clients in six different states in the Northeast. This is the third acquisition that Irwin Naturals Emergence has completed in the past five months as it builds a national chain of mental-health clinics providing psychedelic treatment using ketamine. Additionally, Irwin Naturals Emergence has reached binding agreements to acquire facilities in Georgia and in Vermont. Read more here.

COMPASS Pathways plc

COMPASS Pathways plc (Nasdaq: CMPS), a mental health care company, today announced it has launched a multi-center, double-blind randomized controlled phase II clinical trial investigating the efficacy of COMP360 psilocybin, administered with psychological support, in people with anorexia nervosa. Read more here.

Linneo Health, Alcaliber

Linneo Health, a global company in the research, cultivation and supply of cannabis, and Alcaliber, a leading independent supplier of intermediates and active pharmaceutical ingredients (APIs) to the global pharmaceutical industry, today announce an expanded medicinal cannabis offering by Linneo Health to include industrial derivatives. This follows the issuance of Good Manufacturing Practice (EU-GMP) certification for the industrial processing of cannabis derivatives to Alcaliber, by the Spanish Agency of Medicines and Medical Products (Agencia Española de Medicamentos y Productos Sanitarios – AEMPS). Read more here.

Rise Rock Creek Dispensary, Teamsters Local 777

Workers at the Rise Rock Creek Dispensary in Joliet, Ill. have voted overwhelmingly to join Teamsters Local 777. The facility is the third Rise location to affiliate with Local 777 in less than four months. “We’re making monumental progress in a short period of time because Illinois cannabis workers recognize that we’re the strongest union out there,” said Peter Finn, Teamsters Food Processing Division Director. “To all of the other Rise workers out there – join our movement! you’ll be glad that you did.” Read more here.


Adam JacksonJuly 28, 2022
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Actor and musician Ice T is opening a recreational dispensary with Charis Burrett, founder of The Medicine Woman, in Jersey City, New Jersey after the city board granted approval for the shop.

The approval came from the Jersey City Cannabis Control Board, which establishes and enforces the rules and regulations governing the licensing, cultivation, testing and selling of the plant. The shop will be named The Medicine Woman Jersey City and will include 5,000 square feet of retail space.

“I’ve dedicated my life and career to giving back and paving the way for minorities,” Ice T, whose real name is Tracey Lauren Marrow, said in a statement. “As a New Jersey native, I’m excited for the opportunity legalization offers our community, and I look forward to ushering in a new era for Cannabis in the state.”

Marrow was born in Newark New Jersey and as a child moved to the tonier town of Summit. He lost both of his parents as a child and went to live with an aunt in California. He has come full circle with cannabis. As a teen he initially did not consume any drugs or alcohol but did end up selling cannabis to support a then-pregnant girlfriend, before eventually joining the army. Following his army stint, he became a bank robber but left his life of crime to focus on breaking into the entertainment industry.

Black people in New Jersey are three times more likely to be charged with pot possession than white counterparts, and The Medicine Woman Jersey City said it is committed to sourcing staff from the local community – partnering with several local organizations include The Last Prisoner Project, Jersey City Mural and Arts Program, Jersey City Employment and Training Program, Hudson County Community College, with more to be announced.

Founded in 2015 by Burrett, and her husband, Luke Burrett, The Medicine Woman started out as a California non-profit delivery service.

“Giving back to our community has and will always be a priority to us,” said Burrett. “We are passionately devoted to providing access to safe, affordable and quality plant medicinal remedies.”

The Medicine Woman Jersey City is slated to open around Fall this year and is currently accepting applications for employment for a variety of positions. To apply, send a resume to HR@themedwoman.com. The shop is committed to sourcing a local workforce with a focus on providing opportunities for former cannabis offenders, the release said.

 

 


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