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.
A medical marijuana facility in Phillipsburg is closer to reality.
The New Jersey Department of Health on Thursday announced it has approved a Morris County marijuana-growing operation for TerrAscend, which will provide marijuana for the company’s eventual treatment center in Warren County.
TerrAscend owns The Apothecarium, a posh dispensary chain with storefronts in San Francisco and Las Vegas, and anticipates the Phillipsburg location will open in 2020’s second quarter. It will be the first Apothecarium on the East Coast.
"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.
Several national cannabis companies have been lobbying in New Jersey since last year, as the state tried and failed to legalize adult-use cannabis. Instead, the state expanded its medical cannabis program, which has been in place for nearly a decade and saw meaningful growth only after Governor Phil Murphy took office in 2018. A majority of the companies lobbying hold medical cannabis licenses in the state, namely Curaleaf New Jersey, Green Thumb Industries, Columbia Care New Jersey, and TerrAscend NJ (formerly NETA NJ LLC), a subsidiary of Canadian cannabis company TerrAscend Corp.