iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce it has received approval to commence operations at its Pleasantville, NJ cultivation campus. MPX New Jersey, an affiliate of iAnthus, is the ninth Alternative Treatment Center (ATC) in the state to receive a cultivation permit. This marks the tenth state in iAnthus’ operational footprint.
Things certainly did not go as expected in 2019 for the cannabis industry. It was expected to be a year of breakthroughs, with growth in Canadian recreational weed sales and additional U.S. legalizations pushing the broader industry toward profitability. But by year's end, the vast majority of cannabis stocks remained unprofitable, and pot stocks took a beating.
Cannabis advocates are cautiously optimistic that 2020 will be the year that New York state finally legalizes marijuana for adult recreational use, marking a milestone for the legal business.
Gov. Andrew Cuomo has included legalization in his budget proposal for the new fiscal year, projecting it could generate $20 million in revenue in fiscal 2021, growing to $63 million by fiscal 2022 and $188 million by fiscal 2025.
Passage of such legislation is not a sure thing, however.
The requests date from last summer, when New Jersey decided to grant an additional 24 medical cannabis business licenses. That was a much lower number than anticipated -- previously, state officials had pledged to award 108 new permits.
New Jersey legalized medical cannabis, albeit with a number of restrictions, in 2010. It does not currently allow recreational use; recent efforts to do so have stalled, although a referendum on the matter will be on state ballots in November's election cycle.
Cannabis company TerrAscend Corp. (CSE: TER) TRSSF 1.02% announced Thursday that TerrAscend NJ, LLC has obtained a permit from the New Jersey Department of Health to grow medical cannabis.
Its cultivation permit was the second out of the six applicants selected by the state agency in December, the company said. Growing operations will start right away at its facility in Boonton Township, TerrAscend said.
"We are pleased to receive our cultivation permit in New Jersey after a rigorous inspection of our facility and operating procedures by the NJ DOH," said Jason Ackerman , Executive Chairman of TerrAscend. "Achieving this important regulatory milestone indicates that the TerrAscend model of compliance, quality and safety resonates with state regulatory agencies. Bringing safe and effective products to patients is our priority, and we look forward to introducing the TerrAscend house of brands to the state's medical-use patients."
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.
Top Strike Resources Corp. d.b.a. "Vencanna Ventures" (the "Corporation" or "Vencanna") (CSE:VENI; OTCQB: TPPRF) is pleased to announce a majority ownership in Galenas New Jersey LLC ("Galenas NJ"). The Corporation has purchased an additional 45% interest in Galenas NJ for cash consideration of US$100,000 and the issuance of 2.22 million Vencanna common shares (the "Investment").
In a recent guest column published in NJ Cannabis Insider, Jackie Cornell a former principal deputy commissioner at the state Department of Health, shared her insight on what she sees as priorities for cannabis in 2020.
Cornell, who joined Colorado-based cannabis edibles company 1906 as its chief of policy & health innovations, will be among the featured speakers at NJ Cannabis Insider’s nearly sold-out networking event in Red Bank this Wednesday.
South Dakota won't be alone come November
Although South Dakota will offer the most original marijuana vote to date, it's certainly not going to be the only state with major cannabis implications.