A New York-based cannabis corporation has signed a letter of intent to help Egg Harbor Township medical marijuana dispensary Compassionate Care Foundation expand to meet increased demand.
The agreement to enter into a long-term management contract must be approved through New Jersey’s regulatory approval process, Acreage Holdings said in a statement.
If approved, Acreage — which announced in April that former Speaker of the United States House of Representatives John Boehner and former Governor of Massachusetts Bill Weld joined its Board of Advisors — would provide financial resources as well as expertise to Compassionate Care, Acreage said.
The nonprofit Compassionate Care is one of five operating Alternate Treatment Centers in New Jersey, licensed to grow and dispense medical marijuana.
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New Jersey would be the 12th state in which Acreage does business, according to the company.
Earlier this year, Gov. Phil Murphy announced a significant expansion of the state’s medical marijuana program, allowing use of the drug to treat a wider range of conditions.
He also announced that existing medical marijuana dispensaries may also apply to expand their footprints by creating satellite locations.
“The potential to help people who are facing serious health issues, as well as create revenue opportunities for the state, is truly a ‘win-win,’ and we are pleased to have this opportunity to grow our presence there,” Kevin Murphy, Acreage founder and CEO, said in the press release.
“Acreage Holdings, as one of the most reputable operators in the country, if not the world, has the resources and experience to expand the operations of CCF to provide more access to medical marijuana for patients in need,” said Compassionate Care President David Knowlton.
Founded in 2014, Acreage Holdings has cultivation, processing and dispensing operations in 11 states, according to the company, including Maine, New Hampshire, Connecticut, Pennsylvania, New York, Maryland, Florida, Illinois, Colorado, California and Oregon.
The company also added Kalyx Development to its portfolio in 2013. Kalyx provides commercial and industrial space for the cannabis industry, with properties in Colorado, Oregon, Washington, and Arizona. In 2014 it invested in Dixie Brands, which makes infused products in California, Colorado and Nevada.
For more information on the company, see acreageholdings.com/.