TerrAscend NJ has been issued a permit to cultivate medical cannabis by the New Jersey Department of Health. 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," the team with the company explains.
"In December 2018, TerrAscend was awarded the right to apply for one of six permits, out of 146 applications, for a vertically-integrated permit to cultivate, process and dispense medical cannabis in the State of New Jersey. After securing additional processing and dispensing approvals, the full permit will allow TerrAscend NJ to operate a production facility and up to three Alternative Treatment Centers, or dispensaries, in the North region of New Jersey. TerrAscend’s minority partners in TerrAscend NJ are BWH NJ, and Blue Marble Ventures."
Currently a medical-use market, New Jersey is the 11th largest state in the U.S. with nearly 9 million residents. According to the NJ DOH, as of January 2020, over 66,000 patients have gained access to the state’s medical marijuana program, of which the highest density of patients is concentrated in the populous North region where TerrAscend is one of four permittees. The number of registered medical marijuana patients in the state has tripled since the beginning of 2018. The state currently has a robust list of 17 approved debilitating medical conditions, including opioid use disorder, post-traumatic stress disorder (PTSD), anxiety and chronic pain, which were all added over the past year.
“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 has secured a 16-acre site in Boonton Township, located in Morris County. Construction of a 227,000 sq. ft. production facility is underway with the first phase covering approximately 80,000 sq. ft. of cultivation, processing and support space," they further explain. "This facility is expected to be fully operational within the first half of 2020. Future expansion plans are anticipated to provide an additional 120,000 sq. ft. The scaled cultivation capacity of the Boonton Township facility will supply cannabis products and brands to TerrAscend’s ATCs, as well as to wholesale customers. In addition, the facility could supply cannabis to the projected 15 new retail ATCs expected to be awarded permits by NJ DOH this year."
For more information:
TerrAscend
terrascend.com