Acreage Holdings has completed its acquisition of Compassionate Care Foundation, a vertically integrated alternative treatment center in Egg Harbor with a dispensary in Atlantic City and one additional retail license.
Acreage is planning to expand the indoor growing facility in Egg Harbor to serve New Jersey’s existing demand for medical cannabis and in anticipation of adult-use legalization, and to build out a robust wholesale business, the company said.
As of June 25, the state medical cannabis program was serving 78,698 patients and 3,104 caregivers.
According to Cady Riley, general manager of Acreage’s The Botanist New Jersey dispensary, the Egg Harbor and Atlantic City locations serve over 7,000 patients per month.
“Our goal is to connect with and educate patients of the New Jersey Medicinal Marijuana Program to help them gain access to medicinal cannabis,” Riley said. “With this acquisition, and as we expand our production capabilities in New Jersey, our goal is to introduce more products and form factors, as well as The Botanist product portfolio to the market.”
Acreage New York and New Jersey General Manager Brian Sickora noted the benefits of entering the New Jersey market in an email to NJBIZ.
“There is a strong patient base throughout New Jersey for us to work with, and the state has made a number of reforms over the past few years to further invest in and grow its medical cannabis program. We also feel that having a presence in New Jersey complements our existing footprint throughout the Mid-Atlantic,” Sickora said.
“A core part of Acreage’s mission is to make cannabis available for anyone who wants or needs it, so we support all efforts to legalize adult use. However, right now our attention is providing a seamless transition and serving New Jersey Medicinal Marijuana Program patients,” Sickora said.