Additionally, Greenleaf recently agreed to be acquired by private MSO Ascend Wellness Holdings. Zen Leaf is part of private MSO Verano Holdings. Of the eleven dispensaries, seven are operated by MSOs, four of which are publicly traded, with Compassionate Care Foundation operated by Acreage Holdings (CSE: ACRG.U) (OTC: ACRGF), Curaleaf NJ operated by Curaleaf (CSE: CURA) (OTC: CURLF) and Rise operated by Green Thumb Industries (CSE: GTII) (OTC: GTBIF). Greenleaf Compassion Center – Montclair.Compassionate Care Foundation (The Botanist) – Egg Harbor.Compassionate Care Foundation (The Botanist) – Atlantic City.Breakwater Alternative Treatment Center – Cranbury.Last month, the state added 2 permits, bringing the total number of Alternative Treatment Centers to 11 with the additions of Zen Leaf (Verano New Jersey) in Elizabeth and Columbia Care (NEO: CCHW) (CSE: CCHW) (OTC: CCHWF) in Vineland. Publicly traded multi-state operators (MSOs) play a big role aleready in the New Jersey medical cannabis market.
Of these ATCs, five will be limited to cultivation, fifteen will be limited to dispensary operations and four will be vertically integrated, which includes a cultivation, manufacturing and dispensing. The goal is to add up to 24, including eight in the northern region, eight in the central region, seven in the southern region and one “at-large”. The state accepted applications again in 2019 but hasn’t yet issued additional approvals. Six ATCs were originally selected, and, in 2018, the state gave initial approval to an additional six ATC operators, three of which have opened dispensaries to date. Once it is fully appointed to five members, it will take control of the program from the Department of Health. Finally, it allowed for the creation of the Cannabis Regulatory Commission, a panel to regulate the industry. It also offered patients employment protections, permitted multiple caregivers per patient and allowed for reciprocity with other states’ programs. In July 2019, Governor Murphy signed the Jake Honig Compassionate Use Medical Cannabis Act into law, which increased limitations on the amount of medication, extended authorization periods, added edibles for adults (previously limited to minors) and permitted physician assistants and advanced practice nurses to authorize medical cannabis. Terminal illness with prognosis of less than 12 months to live.Positive status for Human Immunodeficiency Virus (HIV) and Acquired Deficiency Syndrome (AIDS).Inflammatory bowel disease, including Crohn’s disease.The current list of debilitating conditions includes: Additionally, seven “debilitating medical conditions”, including PTSD, anxiety, chronic pain of visceral origin, chronic pain related to musculoskeletal disorders, migraines, Tourette syndrome, and Opioid Use Disorder were added. Oil-based formulations, like vape cartridges, were added. The state no longer requires ATCs to be non-profit entities. It wasn’t until the summer of 2012 that the first patient registrations were accepted. Originally, six not-for-profits received licenses to operate Alternative Treatment Centers (ATCs). Under Governor Chris Christie, the implementation was delayed significantly, with the initial rules adopted in late 2011.
The New Jersey program, which is run by the Department of Health, was passed into law in 2010 when the New Jersey Compassionate Use Medical Marijuana Act was approved by the legislature and signed by then-governor Jon Corzine. New Jersey’s medical cannabis program remains in its infancy due to a very slow start, but the state, with a population of 8.9 million, has recently added additional licenses and has improved its program dramatically under the leadership of Governor Phil Murphy. In this review, we take a look at the history of the medical cannabis program, the existing marketplace and the potential for future growth.
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