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Acreage Holdings To Open North Dakota's First Medical Marijuana Dispensary

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Acreage Holdings To Open North Dakota's First Medical Marijuana Dispensary

North Dakota's first medical marijuana dispensary opens next week, more than two years after legalization.

On Feb. 28, Acreage Holdings Inc (OTC: ACRGF)'s The Botanist dispensary will open its doors in Fargo, the state's largest city.

What Happened

In September 2018, Acreage Holdings won one of two dispensary licenses in North Dakota. The Botanist dispensary is located at 4302 13th Ave. South in Fargo. Aside from North Dakota, Acreage Holdings has Botanist locations in New York, Massachusetts and Maryland.

North Dakota legalized medical marijuana in November 2016, when voters approved Measure 5, which legalized weed for a number of qualifying conditions, such as cancer, AIDS and hepatitis C. Recently, the state House voted for legislation that would extend the number of qualifying conditions from 17 to 30 and make it easier for patients to access to medical cannabis.

The legislation next has to pass through the Senate.

North Dakota voters turned down recreational legalization in the 2018 midterm election. Measure 3 was rejected by 59 percent of voters. 

Why It's Important 

In an investor presentation last year, Acreage Holdings forecasted that the medical cannabis market in North Dakota could grow from $2 million in 2018 to $36 million in 2022, a CAGR of 121 percent. 

The state allows certain forms of marijuana, including flower, concentrate, tinctures, capsules, topicals and transdermal patches. The restrictions include a ban on flower and leaf for minors; a maximum of 6 percent THC per serving for topicals; and 50mg of THC in capsules and transdermal patches. 

Patients are allowed to buy 2.5 ounces of flower per 30 days and products containing 2,000 mg of THC in total.

What's Next

North Dakota planned to issue licenses for eight dispensaries across the state. It awarded four licenses last fall and opened applications for the remaining four dispensaries in January. Acreage said it planned to apply for all four.

Related Links:

Experts React To State-By-State Cannabis Votes: 'Constituents Are Starting To Make Their Voice Heard'

New York City Bans CBD Edibles: What Now?

Photo by Ron Reiring/Wikimedia

Posted-In: Dispensaries marijuana North Dakota pot weedCannabis News Markets Best of Benzinga

 

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