"We are pleased to receive our cultivation permit in New Jersey after a rigorous inspection of our facility and operating procedures by the NJ DOH," said Jason Ackerman , Executive Chairman of TerrAscend. "Achieving this important regulatory milestone indicates that the TerrAscend model of compliance, quality and safety resonates with state regulatory agencies. Bringing safe and effective products to patients is our priority, and we look forward to introducing the TerrAscend house of brands to the state's medical-use patients."
TerrAscend has secured a 16-acre site in Boonton Township , located in Morris County . Construction of a 227,000 sq. ft. production facility is underway with the first phase covering approximately 80,000 sq. ft. of cultivation, processing and support space. This facility is expected to be fully operational within the first half of 2020. Future expansion plans are anticipated to provide an additional 120,000 sq. ft. The scaled cultivation capacity of the Boonton Township facility will supply cannabis products and brands to TerrAscend's ATCs, as well as to wholesale customers. In addition, the facility could supply cannabis to the projected 15 new retail ATCs expected to be awarded permits by NJ DOH this year.
The Company plans to leverage the strong brand equity and operational expertise of The Apothecarium as its retail banner in New Jersey . The Apothecarium has four existing locations in San Francisco and Las Vegas , and is recognized as one of the nation's premier dispensaries. The first Apothecarium-branded ATC is slated to open in Phillipsburg, NJ in Q2 2020, followed by two additional ATCs upon regulatory approval. The Company's Phillipsburg ATC will be the state's first in Warren County and the first East Coast location of The Apothecarium.