Columbia Care (OTCQX: CCHWF) sold two of its properties in New Jersey for $12.4 million to Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR). Columbia Care will then rent the two properties which include an industrial building comprising approximately 50,000 square feet and a retail location comprising approximately 4,000 square feet.
Columbia Care NJ
As one of only three operators licensed to dispense in the southern region of New Jersey, Columbia Care's Vineland facility will allow the Company to address a large, underserved population in the state. The dispensary will be supported by the Company's 50,000 sq. ft. cultivation and manufacturing facility, which will produce its first harvest next month, supplying both the dispensary as well as Columbia Care's wholesale operations in the state.
The New Jersey Department of Health this week issued permits allowing Zen Leaf Elizabeth (Verano NJ) in Elizabeth and Columbia Care in Vineland to begin dispensing medical marijuana. This brings the total number of operating dispensaries in the state to 11.
“It is critical that we continue to expand access for patients especially during these unprecedented times,” Health Commissioner Judith Persichilli said. “ The availability of these new ATCs will provide residents in the northern and southern parts of the state better access to products they need to treat their conditions.”
The final medical marijuana dispensary licensed by New Jersey in 2018 can start growing cannabis, the state Health Department said Monday.
Justice Grown in Ewing received its permit to cultivate last week, the department said in a release. The brings the state total to 12.
While a dozen alternative treatment centers can now grow weed, only seven have permission to sell it. Two of the companies also have satellite dispensaries, for a total of nine storefronts.
Our New Jersey cannabis industry working group is comprised of representatives from all twelve of the permitted and pending Alternative Treatment Centers in the New Jersey Medicinal Marijuana Program. Although we are at varying stages of operations, and we have individual business priorities that establish competition among us, we see great value in working together to achieve certain mutual policy goals on behalf of the over 70,000 medical cannabis patients that we serve.
Columbia Care, a medical cannabis company with licenses in 18 U.S. and European Union jurisdictions, has acquired a 50K SF vacant building in Vineland, New Jersey, near Atlantic City, from LS Capital for a reported $2.6M.
The state Department of Health has issued permits for three companies to begin growing medical marijuana and eventually opening dispensaries.
The permits were awarded to Verano, which plans to turn a vacant Walmart on Route 22 in Readington into a medical marijuana production facility; MPX NJ in Pleasantville and Columbia Care NJ in Vineland.
After their products are tested by the state and their dispensaries are ready to be operational, a second permit will be issued to operate an alternative treatment center.