Boston-based cannabis multistate operator Ascend Wellness Holdings, which operates in northern New Jersey, found that the area had “arguably some of the most expensive real estate, commercial real estate, industrial real estate, definitely in the eastern part of the country,” Chief Strategy Officer Frank Perullo said.
“As we started looking, we noticed that the prices were high regardless of the condition of the building – it was a market that was hot with or without cannabis.”
Still, out-of-state companies such as Ascend have secured real estate by:
- Hitting the ground and aggressively searching for multiple locations at once.
- Partnering with local property owners.
- Identifying welcoming communities and making early inroads with local officials.
New Jersey is statutorily required to launch adult-use cannabis sales from licensed retailers by February 2022, although the New Jersey Cannabis Regulatory Commission (CRC) reportedly missed a recent deadline to accept adult-use license applications.