TerrAscend executives are doubling down on the company’s momentum and expanding to New Jersey’s medical market in the coming months. The rapidly growing market could be one of the most lucrative states in the Northeast. New Jersey currently has over 800,000 active patients and has the potential to serve over 20 million consumers in the mid-Atlantic region if the state legalizes adult-use cannabis this November. TerrAscend is slated to open its first retail location in the Garden State by the end of the year and two more outposts in 2021, but it faces considerable competition from fellow MSO Curaleaf, which has already captured a significant portion of the state’s market share. In order to reach its increased 2021 earnings projection of C$159.7 million, TerrAscend must be prudent and find ways to strategically challenge the current market leader in the region.
Fortunately, New Jersey has committed to increasing its number of dispensaries from 11 to 36, which will provide numerous opportunities for TerrAscend to engage with new consumer audiences and regions. Additionally, growing political interest for legalizing adult-use cannabis in both New Jersey and Pennsylvania will also likely serve as forceful tailwinds that will accelerate the company’s growth.