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"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.
Monday’s decision applies only to the seven existing medical-marijuana companies, which are run mainly by large multistate and international cannabis corporations.
Smaller entrepreneurs also hoping to open recreational cannabis shops in New Jersey have filed 327 applications for retail licenses since March 15, but decisions about those applicants are not expected for at least another month. And it is likely to be a year or more before the smaller retail shops are up and running.