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A recreational cannabis dispensary co-owned by Jason Ackerman, the founder and former CEO of online grocery delivery service FreshDirect, is poised to launch in New Jersey.
Scheduled to open Dec. 9 in Ackerman’s hometown of Roselle Borough, Joyleaf aims to offer customers an interactive shopping experience, as well as reassure the community that its first dispensary is packed with hands-on experience in running a safe and compliant cannabis venture.
TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that TerrAscend NJ, LLC ("TerrAscend NJ") has been issued a permit to process cannabis by the New Jersey Department of Health ("NJ DOH") which allows the Company to engage in the extraction, processing and manufacturing of a wide range of branded form factors including, vaporizables, concentrates, topicals, tinctures and edibles under the Ilera Healthcare, Kind Tree, and Prism brands.
The 3,500 square-foot Apothecarium Phillipsburg, located in the historic Phillipsburg National Bank & Trust building, will enjoy an official opening ceremony on Nov. 30.
Respecting the restrictions imposed due to the current global pandemic, the dispensary will only serve patients with appointments. It will provide a plethora of patient education resources, medical cannabis products, such as dried flower, pre-rolls, tinctures, oils, and topicals.
TerrAscend Corp. (“TerrAscend”) (CSE:TER, OTCQX: TRSSF), a leading North American cannabis operator, today announced that it has received the final permit from the NJ Department of Health (“NJ DOH”) to dispense medical cannabis from its first dispensary in New Jersey. The 3,500 square-foot dispensary, located at 55 South Main Street in downtown Phillipsburg, is situated in the historic Phillipsburg National Bank & Trust building and is the first Alternative Treatment Center (“ATC”) in Warren County.
Under the leadership of the new CEO, Jason Ackerman, TerrAscend’s strategic expansion of its stateside operations, including Ilera Healthcare and The Apothecarium in Pennsylvania, represented more than half of the Company’s first quarter net sales. TerrAscend plans to build off its current growth momentum by opening two new Apothecarium retail locations in Pennsylvania and expanding into New Jersey’s lucrative medical market in the upcoming quarter.
Earlier in April, TerrAscend appointed Jason Ackerman as its permanent CEO in addition to his role as Executive Chairman. He had been serving as interim CEO since January 2020. Shortly after, the company announced its intent to move its financial operations from Canada to its U.S. headquarters in New York and hired CPG industry veteran Keith Stauffer as the Company’s CFO. “This management shift was necessary to continue advancing TerrAscend's sizable market share and revenue growth in the U.S. cannabis sector,” said Jason Ackerman.
"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 is highly focused on continually driving operational and organizational improvement across its U.S. operations and has moved to consolidate its corporate offices in New York. Furthermore, Greg Rochlin, the CEO of Ilera Healthcare, will focus on running the Company’s cannabis operations in the eastern part of the United States, and Ryan Hudson, the CEO of The Apothecarium, will be charged with managing the west coast. Both Greg and Ryan will report into Jason Ackerman.