iAnthus Capital Holdings, Inc. ("iAnthus" or the "Company") (CSE: IAN) (OTCPK: ITHUF), a leading national cannabis consumer packaged goods company and owner of MPX-NJ dispensaries, is pleased to announce the opening of medical sales at MPX-NJ in Pennsauken, NJ and the grand opening celebration at MPX-NJ's Gloucester Township, NJ for adult use sales. The opening of its Pennsauken, NJ dispensary gives iAnthus three (3) locations in New Jersey and 36 across the United States.
In the aftermath of the decision by the New Jersey Cannabis Regulatory Commission (CRC) to rescind its previous vote denying the renewal of adult-use licenses to the industry’s largest MSO – an about-face one could see coming a mile away – Curaleaf CEO Matt Darin and Chairman Boris Johnson issued a public proclamation declaring a decisive victory over a vanquished enemy, as if they had just stormed the beach at Normandy. Even in victory, however, their celebratory comments could barely contain the contempt they still have for the CRC.
New Jersey’s adult-use cannabis market is still getting going, but that didn’t stop a handful of licensed retailers grandfathered in from the medical program from recording more than a half billion dollars in cannabis sales for 2022.
With nearly $329 million in adult-use sales since the state's launch last April, and more than $226 million in medical sales, New Jersey’s licensed retail market cashed in $555 million altogether in 2022, according to recently released figures from the state’s Cannabis Regulatory Commission (CRC).
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.
What’s In The ‘Partial Remedy’ Legislation?
For the purposes of New Jersey’s tax code, a licensed cannabis company's gross income “shall be determined without regard to section 280E of the [federal] Internal Revenue Code," reads the legislation. And continued “shall apply to taxable years beginning on or after January 1 following enactment.”
Sponsored by Assemblymember Annette Quijano (D), the bill "was approved by the Senate in a vote of 32-3 following no debate or discussion on the floor," as first reported by Marijuana Moment.
Marijuana multistate operators Columbia Care and Cresco Labs have “mutually agreed” to extend the companies’ acquisition closing date timeline from March 31 to June 30 of this year.
It’s the second such extension, which underscores the complexities of closing a large deal at a time when other acquisitions have been called off amid widespread layoffs and tight funding in the cannabis industry.
iAnthus Capital Holdings, Inc. (the "Company") (CSE: IAN) (OTCPK: ITHUF), which owns, operates and partners with regulated cannabis operations across the United States, announces that the Company along with its wholly-owned subsidiary, iAnthus New Jersey, LLC, has entered into an amendment to the senior secured bridge notes (the "Bridge Notes"), due February 2, 2023, with certain related-party lenders (including funds managed by affiliates of Gotham Green Partners, LLC, Oasis Management and Senvest Management LLC).
Behind the beige walls of this former 120,000-square-foot Walmart store in Branchburg, N.J., blooms an emerald green indoor cannabis farm for multi-state operator Verano Holdings Corp.
After winning a permit in 2018 from the New Jersey to supply cannabis for the Garden State’s medical program, Verano’s VRNOF VRNO cultivation facility now grows and processes jars of dried flower, pre-rolled cannabis cigarettes, gummies and vaping oil for the company’s Zen Leaf dispensaries in the state.
Verano Holdings Corp. VRNOF VRNO released its financial results for the third quarter ended September 30, 2022, revealing revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. Revenue growth versus the year-ago period was driven by strength from adult use sales in New Jersey.
Q3 Financial Highlights
"Even with new stores opening, we continue to ramp up production (in New Jersey)," Green Thumb Chief Executive Ben Kovler told Reuters, adding that the state "continues to show strength" in terms of sales.
Green Thumb's revenue rose 3% in the three months ended Sept. 30 from the previous quarter, partly helped by more people visiting its 77 open stores across 15 U.S. states during the quarter, the company said.