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Marijuana enters South Jersey as politically connected Acreage buys nonprofit

Industry News Dino H Carter

In an article published by The Philadelphia Inquirer, author Sam Wood, explores the purchase of a South Jersey medical marijuana cultivator and retailer, being bought by Acreage Holdings.

 In 2017, Acreage partnered with the Compassionate Care Foundation (CCF) of Egg Harbor, which is one of the first six medical marijuana “Alternative Treatment Centers”. 

Acreage purchased a 135,000-square-foot greenhouse last year in Sewell to later transform it into the largest weed cultivation facility on the East Coast yet. 

According to a statement released by Acreage, the foundations grow facility “has the potential to operate” a total of three dispensaries. 

A satellite retail facility, under the Acreage’s Botanist brand, is currently under construction in Atlantic City and is estimated to open in December of this year, if approved. 

The governor of New Jersey is arranging the fast-growing expansion of the medical program, in spite of the political differences that have put the legalization of recreational marijuana on hold. 

Acreage serves properties in 20 different states, making them one of the largest marijuana companies in America. 

Canadian weed giant Canopy Growth has been in contact with Acreage Holdings and has agreed to buy their company if the U.S. ever legalize the use of Marijuana for recreational purposes. The CEO of Acreage Holdings announced that they would be launching Canopy Growth’s Tweed Brand within the next month (give or take) in states such as; Maine, Oregon, and Massachusetts. 

Last January, Acreage Holdings hired Philip Norcross’ solicit firm, Optimus Partners, which provides “consulting services” for the company. 

Last week a 307% increase, which was compared with the same period in 2018, showed that Acreage Holdings reported their third-quarter revenue to be %22.4 million. Acreages’ stock holding fell from the 52-week peak of $28.30 and closed Monday on the Canadian exchanges at $4.48 (U.S.), making that up to about 6%. 

Read more here. 

Author Dino H Carter

 

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