A California firm will be returning to the Planning Board this month for approval to use the former Mack Trucks building on West Front Street as a cannabis cultivation and manufacturing facility.
Clade9, based in California with a local office in Basking Ridge, received unanimous approval in October to use 17,000 square feet of the building for cannabis cultivation and manufacturing. That approval was conditioned on the firm obtaining approval from the state Cannabis Cultivation Commission.
When Arizonans voted to legalize recreational cannabis in November, it seemed plausible that sales would begin sometime in the spring.
But on Jan. 22, less than three months after the vote, the Arizona Department of Health Services started quickly approving applications, allowing dispensaries to sell cannabis to adults 21 and older immediately.
The stock of U.S. cannabis seller Harvest Health & Recreation was up 5% on Tuesday, after the company reported strong growth and discussed its high hopes for the future. In early afternoon trading on the U.S. OTC Market, the stock (ticker: HRVSF.OTC) was at $10.05. Harvest shares also trade on the Canadian Securities Exchange. The stock is up more than 90% this year.
“This industry is at a unique inflection point,” Chief Executive Steve White said in a conference call. “We’re still early in the game.”