In an effort to preserve cash, New York-based Acreage Holdings has made a number of strategic moves intended to help the company mitigate the economic impact of the coronavirus pandemic.
In a press release issued last Friday, the company said it had temporarily furloughed 122 employees and closed certain U.S. operations including dispensaries in Maryland and North Dakota, a wholesale outfit in Iowa and factories in California, Oregon and Washington.
Lobbyists spent a record $1.9 million in 2019 to campaign on marijuana legalization—half a million dollars more than 2018, according to the report.
Those efforts were ultimately unsuccessful, and the question has since been bounced to voters for the presidential election this November.
“Given the big numbers from other states and the fact that the creation of a lucrative new industry hangs in the balance, it isn’t inconceivable that the fall ballot contest could cost upwards of $10 million,” Brindle said.
The dispensary actually opened for business on Saturday in a ceremony that was attended by local dignitaries. As per New Jersey law, it can only sell medical marijuana to qualified patients; recreational cannabis is still outlawed in the state.
The Botanist is an upscale dispensary and product brand, and the Atlantic City branch is designed to be reminiscent of an old-fashioned botanist's laboratory. It features a green foliage wall, a "Seed Bar" where consumers can get educated about marijuana and the various options available, and a private consultation room.
Things certainly did not go as expected in 2019 for the cannabis industry. It was expected to be a year of breakthroughs, with growth in Canadian recreational weed sales and additional U.S. legalizations pushing the broader industry toward profitability. But by year's end, the vast majority of cannabis stocks remained unprofitable, and pot stocks took a beating.
Acreage Holdings, the politically connected cannabis behemoth, is buying a South Jersey medical marijuana cultivator and retailer.
The arrangement will formalize a two-year relationship between the New York-based Acreage and Compassionate Care Foundation (CCF) of Egg Harbor.
Last year, Acreage bought a 135,000-square-foot former orchid greenhouse in Sewell to convert it into the largest weed cultivation facility on the East Coast.
Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTC: ACRGF) is buying New Jersey’s Compassionate Care Foundation, Inc. which is a vertically integrated cannabis nonprofit corporation. The deal is subject to state approval and the amount of the deal was not disclosed. However, the state of New Jersey did state that Compassionate Care reported $4.9 million in revenue in 2018, badly trailing Curaleaf’s $19 million in revenue for 2018.
Several national cannabis companies have been lobbying in New Jersey since last year, as the state tried and failed to legalize adult-use cannabis. Instead, the state expanded its medical cannabis program, which has been in place for nearly a decade and saw meaningful growth only after Governor Phil Murphy took office in 2018. A majority of the companies lobbying hold medical cannabis licenses in the state, namely Curaleaf New Jersey, Green Thumb Industries, Columbia Care New Jersey, and TerrAscend NJ (formerly NETA NJ LLC), a subsidiary of Canadian cannabis company TerrAscend Corp.
Lock your doors, shut your blinds and hide your kids. There’s a danger lurking about that’s menacing suburban, rural and urban communities alike: hypocritical politicians trying to get rich off the nation’s burgeoning marijuana industry.
Beware. The list is long and growing.
Yesterday was supposed to be a big marijuana day in Trenton. It wasn’t. Legalization is headed to the ballot next year. Decriminalization is off the table for now.
Here’s a smattering of reaction from an underwhelming day when only one cannabis bill inched forward, A10, to improve NJ’s ghastly medical cannabis program. Assemblyman Jamel Holley invited InsiderNJ to press the YES button. (see pic)
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The 11th state to legalize recreational weed will be...
So, which state looks to have an inside track on becoming the 11th to legalize adult-use marijuana? Had you asked a few months ago, it looked to be a neck-and-neck battle between New Jersey and New York. Unfortunately, efforts to legalize marijuana in both states fell apart, and neither looks to be in a position to pass legislation anytime soon. Instead, the Land of Lincoln appears to be in the pole position to become the 11th recreationally legalized state.