New Jersey’s approach to adult-use cannabis is nothing new: allow existing medical operators to fuel the takeoff as state regulators vet and approve aspiring market entrants.
And, so far, New Jersey’s supply chain and protections for its medical program—concerns that contributed to a two-month delay in launching adult-use sales—have remained unharmed as the legal market continues to grow, according to Columbia Care Vice President of Operations Volley Hayhurst and TerrAscend President and Chief Operating Officer Ziad Ghanem.
Columbia Care and TerrAscend—two of the largest publicly traded cannabis companies in the world—were among seven vertically integrated operators who were first to market when New Jersey commenced adult-use retail on April 21, 2022. They were the only two of those seven companies that were not fined by the state’s Cannabis Regulatory Commission (CRC) in connection to honoring patient-only hours during the first week of sales.
“In my opinion, at least from what we see in South Jersey, it’s very healthy,” Hayhurst said of where the state’s market stands as of the first quarter of 2023. “We have supply to be able to meet the demands, and not only obviously for the medical program, but also AU program. So, yeah, it’s strong and alive and healthy at this point, for sure.”