Tag: New Jersey

With cannabis stock prices stalling and sliding over the past few years, companies increasingly have turned to debt financing as a means of raising funds. Last year, debt made up more than 90 percent of capital raised by American cultivation and retail companies and 55.7 percent of capital raised in the United States industry overall, according to data collected by strategic advisory firm Viridian Capital Advisors. In October 2022, multistate operator (MSO) TerrAscend Corp. secured a $45.5-million loan from real estate… Read more.

Red tape, illicit market competition, and a lack of enforcement by regulators have all created a “doom loop” for licensed cannabis companies in New Jersey, one of the state’s leading trade organizations claimed in a recent report. According to the New Jersey Cannabis Trade Association, the state has been too slow to act on processing new business permits and dragged its feet on combatting the illicit market, The Philadelphia Inquirer reported, which has the trade group warning that business conditions need to… Read more.

Now that most of New England has legalized cannabis in some form or another, it’s worth looking at which states are the largest markets. While the smaller states with the least population are expected to be the ones with the lowest total sales, the largest state – New York is lagging. In just five years, Massachusetts has become the leader in the region having reached the billion mark in just two years. New Jersey is in second place, but quickly… Read more.

In April, cannabis giant Curaleaf received a disconcerting notification from the New Jersey Cannabis Regulatory Commission (CRC) indicating regulators planned to deny license renewals for almost all the sprawling multistate operator’s locations in the Garden State. The notice cited a recent cultivation facility closure, staff reductions, and clashes with labor unionization efforts as justification. The development quickly drew the ire of Chief Executive Officer Matt Darin. An otherwise amiable and upbeat fellow, he wasted no time in responding to the unprecedented CRC… Read more.

All employees at Curaleaf Holdings’ New Jersey cannabis retail operations have now unionized with the United Food and Commercial Workers (UFCW) Local 360. According to the UFCW, workers at the multistate operator’s store in Bordertown on Thursday became the last to vote for unionization. That’s a trend in the marijuana space nationwide but particularly in pro-union markets such as California, Illinois and Massachusetts. “Every Curaleaf employee in the state is joining the UFCW,” UFCW Local 360 President Sam Ferraino said in a… Read more.

A newly proposed limit on the number of cannabis dispensaries that can open in Jersey City and its wards could be coming soon to the city’s burgeoning industry, along with changes to how applicants get prioritized for approval. The city council’s proposals, which will first be voted on Wednesday to be sent for planning board review, would cap the number of retail cannabis dispensaries citywide to 48 and the amount in each of the six wards at eight. (Full Story) Read more.

Saturday marked another first for the New Jersey cannabis industry – the grand opening of the Garden State's first standalone retail dispensary, Earth & Ivy, in New Brunswick. Earth & Ivy is not a medical treatment center and can’t fulfill state Medicinal Cannabis Program orders from doctors, but medical marijuana patients will receive a discount. Not only is the dispensary, located on George Street, the first of its kind, but it is also the youngest-owned dispensary in the country, with an average… Read more.

No updates were provided on the timing for sale close. Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported modest first-quarter growth, despite economic headwinds and the closure of several retail locations, according to the cannabis company’s financial results for the period ending March 31, 2023. The U.S.-based cultivator, manufacturer, and retailer of cannabis products said its top-line revenue grew 1% from the same quarter in 2022 to $124.5 million. The growth beat expectations by $1.3 million and was largely driven by strong performance… Read more.

The governor of New Jersey has signed a bill into law that will allow licensed marijuana businesses to deduct certain expenses on their state tax returns—a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E. Gov. Phil Murphy (D) signed off on the legislation from Assemblymember Annette Quijano (D) on Monday, without a formal ceremony. This comes about three months after the legislature approved the measure with amendments.… Read more.

Four New Jersey police officers are preparing to sue Jersey City after being fired for testing positive for marijuana—despite being protected under the state’s cannabis legalization law and guidance from the state attorney general. The Jersey City officers said that they used cannabis, purchased from licensed dispensaries, while off the job. That activity should be legally protected, as the state Constitution prohibits employers from taking adverse action against workers solely for marijuana activity that’s been made lawful. But Jersey City… Read more.

New Jersey cannabis regulators on Thursday declined to renew the license of Curaleaf to grow and sell cannabis for the state’s adult-use market, the New Jersey Monitor reports. Curaleaf is a multistate cannabis company and the biggest player in New Jersey’s cannabis industry. With the denial, Curaleaf’s adult-use license expires on April 21; it’s unclear what the move means for the company’s medical cannabis patients. The vote came a month after Curaleaf said it confirmed to state regulators that it was closing one of its cultivation facilities and… Read more.

Assume, for a moment, you want to get high. And you want to do it on the cheap. For around $300, you can drive to Massachusetts, pick up an ounce (about $200), and drive back. For $450, you can even hop on a flight to Denver, buy an ounce (about $40) and fly back. There are flaws with these plans. After all, it's still a felony to transport even legally-purchased cannabis across state lines, even between states that allow it.… Read more.

New Jersey's Casino Reinvestment Development Authority approved a proposal that would bring a 10,000-square-foot cannabis dispensary and lounge to Atlantic City's historic Claridge Hotel and former gambling casino where Marilyn Monroe once judged the Miss America Pageant.  The Claridge Hotel, which opened in 1930 during the Great Depression as the last of the great hotels built near Atlantic City's Boardwalk, is making space for the High Rollers Dispensary on what used to be its casino floor. The Claridge is now a stand-alone hotel with no gambling.  Because the Claridge does not technically… Read more.

Women-led multi-state operator The Flower Shop is focused on curating a larger selection of cannabis flower and products in a growing number of state markets. The company showcases artisan and craft cannabis products in a reimagined retail setting tailored to appeal to both men and women. “We operate in Arizona, Utah, New Jersey, and we will be going to Florida—hopefully soon,” says President of The Flower Shop Greta Brandt, as the company is currently securing licensing in the newer states. As president… Read more.