Amid the ongoing expansion of New Jersey’s medical marijuana market as well as the anticipated victory of recreational legalization at the ballot box in November, some of the state’s cannabis companies are investing heavily in cultivation build-outs and other infrastructure to meet an expected surge in demand.
Many industry insiders anticipate the New Jersey marijuana market will be one of the hottest on the East Coast once recreational sales actually begin – assuming voters approve the fall ballot measure.
Insiders concede, however, sales might not happen until 2022.
Nevertheless, with polling data suggesting the ballot measure will be approved, many companies believe it’s time to get ready – although some are holding off until the regulatory landscape becomes clearer and the long-awaited expansion of the MMJ industry actually occurs.
Acreage opens its checkbook
Multistate operator Acreage Holdings is among those getting ready.
The New York-based company spent $10 million in June to acquire one of New Jersey’s 12 licensed MMJ businesses, Compassionate Care Foundation.