Grown Rogue International is investing in Nile of NJ LLC, a Company that is developing an adult-use dispensary in West New York, New Jersey.
"We are extremely excited to move forward with our partnership with Nile and Bengal to support what we hope are multiple adult-use dispensaries in New Jersey, allowing Grown Rogue to expand outside its core competency without taking too much internal capital or bandwidth. Having a protected, passive stake in partnership with those that have more retail experience allows us access to shelf space for our branded flower products and earn additional profits within the highly attractive yet nascent New Jersey market while continuing to focus on our core capabilities in producing affordable, craft-quality flower. We expect the opening of this dispensary within the next 120 days," said Obie Strickler, CEO of Grown Rogue.
"The West New York dispensary is in a tremendous location, situated in one of the most densely populated communities in the country, just across the Hudson River from Manhattan; our team is particularly excited to produce our craft flower for this metropolitan area."
"We at Nile share Grown Rogue's and Bengal's excitement about the West New York location and the New Jersey market," said Leland O'Connor, CEO of Nile. "Having an aligned partnership with one of the premier growers of craft cannabis and a leading private investment firm enhances our offering capabilities and adds to our ability to execute on our vision."
The New Jersey cannabis market reported more than US$206,000,000 in sales in the three months ended September 30, 2023. According to MJBizDaily, this market is expected to grow to US$2,400,000,000 by 2026, representing a 40% compound annual growth rate.