TerrAscend is leaving its mark on the cannabis industry in the US. It continues to find new ways to grab a larger piece of the market and is anticipating huge growth over the next couple of years. It previously started working on a new cultivation and manufacturing facility in Boonton, New Jersey that began by offering around 60,000 square feet of operational space. The idea had always been to expand the facility in accordance with growth projections, and the company has now completed phase two of that plan. The Boonton facility now covers 140,000 square feet.
The new addition is an indoor cultivation area, which was made possible after New Jersey regulators gave TerrAscend approval to launch indoor cultivation last August. The company is already preparing to process its first harvests and expects the plants to be ready before the end of the first quarter. TerrAscend is also preparing to introduce its entire suite of products to New Jersey, including its pre—rolls, oils, tinctures, topicals, medically-blended vapes and more.
Says Jason Ackerman, TerrAscend’s chairman and CEO, “The New Jersey cannabis market represents a substantial growth opportunity for TerrAscend. With the completion of this expansion, we have significantly scaled up our cultivation footprint to meet current demand. I’d like to thank our team for their efforts in completing this project and look forward to increasing the availability of our quality medical products to patients across the state.”
The Boonton facility is capable of growing even larger. Based on demand and performance, TerrAscend can take it out to 240,000 square feet, and the company’s continued expansion is likely to make that necessary. New Jersey awarded TerrAscend a license to apply for a vertically-integrated permit just over two years ago and, since then, it has rapidly gained a larger footprint in the state. It has plans to add more Apothecarium dispensaries to New Jersey this year, with more expected to come next year.