Curaleaf Establishes Medical Cannabis Foothold in New Jersey
Medical cannabis in the state of New Jersey has continued to expand and the continued push for adult-use legalization brought a recreational ballot vote for the state in the fall. Curaleaf, specifically Curaleaf NJ as it operates in New Jersey, has taken the lead in the Garden state and has a presence in 13 other states. Its operations in New Jersey in 2017 resulted in the cultivation of 2,300 pounds of medical cannabis and made more than $11 million in sales for the year. In 2018, the company increased its medical cannabis revenue to $19 million and in 2019 the company has started to expand into the wholesale cannabis market. Curaleaf started to pull ahead as the medical cannabis leader in New Jersey after it acquired Compassionate Sciences and rebranded it as Curaleaf NJ. The company then went on to begin the construction of a 100,000 sq. ft. cultivation facility.
George Schidlovsky, Vice president of finance and capital projects for Curaleaf, stated: “We have nine sales stations designed to process 1,000 patients a day (at the Bellmawr dispensary). We can do 100 new patient consultations a day and we’re designed to provide the largest access to the most affordable products and designed for future expansion.”
Curaleaf has wholesale agreements with treatment centers that are specifically referred to as Alternative Treatment Centers (ATCs). The first ATC is Rise Dispensaries in Paterson that is owned by Green Thumb Industries NJ, the second is Garden State Dispensary located in Woodbridge and Union Township, the last ATC wholesale agreement is with Harmony in Secaucus. The agreements are considered final and ongoing while a fourth wholesale partnership agreement with a different ATC is expected to start in March.
Jeff Brown, Assistant commissioner of the Department of Health’s Medicinal Marijuana Program, stated: “This is something I’ve been trying to encourage more dispensaries to do because this is something that we see in more mature markets. When you go into a CVS, you have options for different products and brands. So if you go into one dispensary in New Jersey, you should be able to have a wide array of options from other ATCs (Alternative Treatment Centers).”
Curaleaf Establishes Medical Cannabis Foothold in New Jersey
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