TerrAscend awarded permit to cultivate by New Jersey Department of Health
TerrAscend announced that TerrAscend NJ has been issued a permit to cultivate medical marijuana by the New Jersey Department of Health. TerrAscend NJ is the second entity to receive its cultivation permit among the six applicants chosen by the NJ DOH in December 2018. Cultivation operations will commence immediately at its facility in Boonton Township, located in northern New Jersey. In December 2018, TerrAscend was awarded the right to apply for one of six permits, out of 146 applications, for a vertically-integrated permit to cultivate, process and dispense medical cannabis in the State of New Jersey. After securing additional processing and dispensing approvals, the full permit will allow TerrAscend NJ to operate a production facility and up to three Alternative Treatment Centers, or dispensaries, in the North region of New Jersey. TerrAscend's minority partners in TerrAscend NJ are BWH NJ, LLC and Blue Marble Ventures, LLC. TerrAscend has secured a 16-acre site in Boonton Township, located in Morris County. Construction of a 227,000 sq. ft. production facility is underway with the first phase covering approximately 80,000 sq. ft. of cultivation, processing and support space. This facility is expected to be fully operational within the first half of 2020. Future expansion plans are anticipated to provide an additional 120,000 sq. ft. The scaled cultivation capacity of the Boonton Township facility will supply cannabis products and brands to TerrAscend's ATCs, as well as to wholesale customers. In addition, the facility could supply cannabis to the projected 15 new retail ATCs expected to be awarded permits by NJ DOH this year.