Cannabis Company iAnthus Receives New Jersey Cultivation Permit

Cannabis company iAnthus Capital Holdings, Inc. IAN ITHUF said Tuesday that it has received approval to begin cultivation operations in Pleasantville, New Jersey. The permit was granted to company affiliate MPX New Jersey.

What iAnthus Has Planned For New Jersey

New Jersey is the tenth state in which iAnthus operates. The site will represent the ninth alternative treatment center in the state, according to the company.

The 33,000 square-foot site will house an extraction lab, kitchen and grow center, with an option to expand the facility to 83,000 square feet.

The cannabis company said it expects to open a 1,300-square-foot dispensary in nearby Atlantic City during the first quarter of 2020.

The dispensary will operate under the brand "Be." Atlantic City sees 24 million visitors annually, the company said.

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Beth Stavola, the CEO of MPX New Jersey and chief strategy officer for iAnthus, said she's "thrilled" the company received the regulatory approval in her home state.

The first harvest in Pleasantville is projected to occur during the second quarter of 2020, iAnthus said. 

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