A handful of companies are poised to benefit from New Jersey's limited amount of approved licenses. One of those is Acreage Holdings (ACRG.U). Back in May, Acreage signed a letter of intent to enter into a long-term management contract to assist with the expansion and operations of Compassionate Care Foundation, Inc. (CCF) , a not-for-profit entity that operates a dispensary and cultivation facility in Egg Harbor, New Jersey.
CCF is one of only six Alternative Treatment Centers (ATCs) that holds licenses from the state to grow and dispense medical marijuana. CCF was one of the first ATC's to be approved in New Jersey and has been operating since 2013. It runs one of the largest approved medical cannabis growing facilities in the state.
At the time, Acreage President George Allen said, "We are committed to responding to the growing patient need in New Jersey by investing the necessary capital and resources into the Foundation to make New Jersey a healthy, patient-first cannabis market." Acreage declined to comment on the latest developments.
Compassionate Science ATC was recently rebranded as Curaleaf New Jersey (CURA.CN) (LDVTF) . According to the company's prospectus, Curaleaf owns a property that includes 34,200 square feet of cultivation space, of which 17,200 square feet was initially built out for cultivation and processing operations. Curaleaf is now building out the additional 17,000 square feet to meet growing demand in the state.