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TerrAscend Starts Serving Medical Marijuana Patients At First NJ Dispensary

November 24, 2020 1:27 pm
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TerrAscend Starts Serving Medical Marijuana Patients At First NJ Dispensary

TerrAscend Corp. (CSE:TER) (OTCQX:TRSSF) will begin serving medical marijuana patients in the Apothecarium Phillipsburg on Nov. 24.

Cannabis company revealed Tuesday it has obtained the last needed authorization from the NJ Department of Health to distribute medical cannabis from its New Jersey dispensary.

The 3,500 square-foot Apothecarium Phillipsburg, located in the historic Phillipsburg National Bank & Trust building, will enjoy an official opening ceremony on Nov. 30.

Respecting the restrictions imposed due to the current global pandemic, the dispensary will only serve patients with appointments. It will provide a plethora of patient education resources, medical cannabis products, such as dried flower, pre-rolls, tinctures, oils, and topicals.

Furthermore, Apothecarium Phillipsburg will also offer new Kind Tree branded cannabis products that were cultivated at TerrAscend’s Boonton facility.

The company said it plans to open a total of three alternative treatment centers in the Northern area of New Jersey, which has the highest density of medical marijuana patients in the state.

"I'm thrilled to open the first of our three Apothecarium retail dispensaries in New Jersey and look forward to providing medical cannabis patients with access to the essential medicine they need," stated TerrAscend CEO Jason Ackerman. "I'm proud of our team for their efforts in achieving this milestone and look forward to providing outstanding care and service to support the health and well-being of New Jersey residents."

New Jersey Works On Its Growing Market

The Garden State, which recently decided to legalize adult-use cannabis in a ballot major, is the 11th largest state in the U.S. by population, counting more than 94,000 registered medical cannabis patients. It projects full legalization on January first.

Establishing a fully functional recreational cannabis market is a demanding project, to say the least, and legalization is only one step on a long road. New Jersey is already thinking about amending the current bill to allow more cannabis cultivation licenses.

The bill now recommends that the number of cannabis cultivation licenses should be limited to 28 in the first 18 months of legal sales, which could possibly create a supply-demand problem. That’s why state Senator Nicholas Scutari is pushing for the dismissal of this provision.

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