TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (“TerrAscend” or “the Company”), the first and only global cannabis company licensed for sales in Canada, the U.S., and the EU, today announced that TerrAscend NJ, LLC (“TerrAscend NJ”) has been issued a permit to cultivate medical marijuana by the New Jersey Department of Health (“NJ DOH”). TerrAscend NJ is the second entity to receive its cultivation permit among the six applicants chosen by the NJ DOH in December 2018. Cultivation operations will commence immediately at its facility in Boonton Township, located in northern New Jersey.
In December 2018, TerrAscend was awarded the right to apply for one of six permits, out of 146 applications, for a vertically-integrated permit to cultivate, process and dispense medical cannabis in the State of New Jersey. After securing additional processing and dispensing approvals, the full permit will allow TerrAscend NJ to operate a production facility and up to three Alternative Treatment Centers (“ATCs”), or dispensaries, in the North region of New Jersey. TerrAscend’s minority partners in TerrAscend NJ are BWH NJ, LLC and Blue Marble Ventures, LLC.
Currently a medical-use market, New Jersey is the 11th largest state in the U.S. with nearly 9 million residents. According to the NJ DOH, as of January 2020, over 66,000 patients have gained access to the state’s medical marijuana program, of which the highest density of patients is concentrated in the populous North region where TerrAscend is one of four permittees.