New Jersey has elected six new companies to potentially operate in its medical cannabis market, including 3 publicly traded ventures.

On Monday (December 17), the New Jersey Department of Health (DOH) confirmed six new selections for companies to apply for permits in order to open medical marijuana shops.


Among the winners were public US multi-state operators Green Thumb Industries (CSE:GTII), MPX Bioceutical (CSE:MPX) and TerrAscend (CSE:TER).

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Health Commissioner Dr. Shereef Elnahal said the DOH will meet with the six applicants “early next year” to hash out the specifics of growing product and when stores would be opening in the given region.

Officials assigned each company to a specific region in the state. The DOH confirmed some applicants requested more than one region but the agency is assigning only one region per applicant.


Matthew Johnson, TerrAscend’s president, said in a statement to shareholders thanks to the approval the company will be able to move forward with the build out of secured locations in the state.

TerrAscend earned an entrance to the state’s marijuana market thanks to its majority owned subsidiary NETA NJ, which earned a license for the northern town of Phillipsburg.

“Expansion in New Jersey is firmly in line with the company’s strategic goals of increasing its footprint in limited license markets and distributing brands at scale,” GTI founder and CEO Ben Kovler said.

GTI earned its license for the Patterson community in the state.

After confirmation of its licenses Beth Stavola, chief operating officer and president of US operations for MPX, told The Press of Atlantic City the company’s application obtained the highest score from all 146 submitted applicants.

Stavola joined the board of trustees for the New Jersey Cannabis Industry Association at the start of 2018 and will be moving to iAnthus Capital Holdings (CSE:IAN) as part of a merger between the two companies.

Fellow US multi-state operator iAnthus will acquire the existing US assets from MPX in a confirmed deal.

According to the DOH, New Jersey counts for approximately 38,000 active medical cannabis patients.

The state is also looking to add recreational products to its market as lawmakers moved forward with a legalization adjustment to the law in November, which could open the market as early as January.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

(TheNewswire)

Keep reading... Show less

Market entry will address pent-up demand in the Japanese & Philippine markets for TRACE proprietary plant-based mineral formulation and wellness-focused products

Emerging leader in innovative health and wellness beverages and natural products, BevCanna Enterprises Inc. ( CSE:BEV , Q:BVNNF , FSE:7BC ) (“ BevCanna ” or the “ Company ”) announces today that has entered into an exclusive sales agency distribution agreement with Yokohama-based Mirai Marketing Inc. (“Mirai”) to bring Naturo Group’s TRACE proprietary plant-based mineral consumer products to Mirai’s extensive Japanese and Philippine sales and distribution networks.

Keep reading... Show less

Further to its press release dated April 12, 2021, Ayurcann Holdings Corp. ( CSE: AYUR ) (the “ Company ” or “ Ayurcann ”), is pleased to announce that it has oversubscribed and upsized its non-brokered private placement (the “Offering”) due to strong investor demand. The Company now anticipates that the Offering will be completed for gross proceeds of not less than $550,000.00, consisting of not less than 2,910,053 units (“Units”) at a price of $0.189 per Unit. Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of C$0.38 per Common Share for a period of 36 months from the date of closing of the Offering (the “Closing Date”), scheduled for April 22, 2021. The Units will have a hold period of four months and one day from the date of issuance.

Ayurcann CEO Igal Sudman commented: “We are very pleased with the demand we are seeing for the Offering. The feedback we have received to date is showing that our business is resonating with investors. We’re looking forward to closing the offering and proceeding with the planned Phase 2 build out, which will help greatly increase our facility’s capacity.”

Keep reading... Show less

UK InstaCoin APP Promises to Open NFTs up to the Masses through Social Media

Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to provide an update on its recent investment in InstaCoin Technologies Ltd., a newly formed UK entity

Keep reading... Show less

Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) an integrated Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, announces the granting of stock options and restricted share units.

The Company has announced that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,000,100 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.16 per common share, expires three years from the date of grant and vest six months from the date of the grant.

Keep reading... Show less