Cannabis company TerrAscend Corp. TER TRSSF announced Thursday that TerrAscend NJ, LLC has obtained a permit from the New Jersey Department of Health to grow medical cannabis.
Its cultivation permit was the second out of the six applicants selected by the state agency in December, the company said. Growing operations will start right away at its facility in Boonton Township, TerrAscend said.
TerrAscend obtained the right to apply for a vertically integrated permit to cultivate, process and dispense medical marijuana in New Jersey. The company was chosen from 146 candidates to apply for one of six permits, according to Thursday's press release.
Upon acquiring additional approvals, TerrAscend said it will be licensed to run a production facility and up to three dispensaries in New Jersey.
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“We are excited to begin cultivation in New Jersey, an important East Coast market for TerrAscend,” Executive Chairman Jason Ackerman told Benzinga.
“We believe the popularity and strength of our brands State Flower, Ilera and Haven St. will resonate with the patients of New Jersey and we look forward to offering our safe and compliant solutions to their medical needs.”
TerrAscend shares were trading 1.42% higher at $2.49 at the time of publication Friday.
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