Chemistree Technology Inc (CSE:CHM) (OTCMKTS:CHMJF) announced Monday that through a wholly owned US subsidiary, it has finalized its investment in Applied Cannabis Sciences (ACS) of New Jersey.
The completion of the investment comes as ACS, Chemistree's new partner, gears up to submit applications for licenses under the state’s new marijuana plan.
New Jersey recently announced a plan to offer up to 24 new permits, consisting of 15 dispensary permits, five cultivation permits, and four vertically integrated permits. All applications have to be submitted by August 22.
ACS placed in the top 20 applicants in the last round, narrowly missed out on receiving a cannabis license at that time.
"Completing this investment with ACS and being on the ground floor towards expanding New Jersey's medical marijuana program marks a significant step forward in our company's East Coast expansion," said Karl Kottmeier, president at Chemistree Technology. "We expect, along with ACS' leading cannabis experts and track record, that we will be able to secure this highly coveted and valuable State license."