TerrAscend is ready to take New Jersey by storm. The cannabis company has just received word that it was approved for a cannabis processing license in the state, which will allow it to extract, process and manufacture cannabis products starting immediately. As New Jersey’s cannabis market continues to develop with the addition of recreational use, TerrAscend will be in a great position to take a leading role.
Starting now, TerrAscend will be able to develop several of its branded form factors. These include vaporizables, concentrates, topicals, tinctures and edibles under the Ilera Healthcare, Kind Tree and Prism brands, which will be available through the company’s The Apothecarium dispensary brand, as well as other channels. The Apothecarium is now operational in California, where there are nine dispensaries, Pennsylvania and New Jersey.
“We are pleased to receive our processing permit from the NJ DOH and we look forward to introducing TerrAscend’s house of brands and form factors to medical-use patients through our ATCs 1 and the wholesale channel,” explains Jason Ackerman , CEO and Executive Chairman of TerrAscend. “Our medical cannabis business in New Jersey is performing well and we are prepared to meet customer demand once adult-use sales are permitted.”
TerrAscend has a 16-acre site in New Jersey, located in Morris County. It has completed the construction of a 140,000-square-foot production facility and several harvests have already been successfully cultivated. A new 80,000-square-foot indoor grow facility is also operational and its first harvests are now underway.
New Jersey only had six permits available and TerrAscend was one of the 146 applicants who applied. Four permits have so far been awarded, serving a medical cannabis segment that has quadrupled in size since the beginning of 2018. With the addition of an adult-use segment, New Jersey is poised to be one of the stronger cannabis markets in the US.