American CHM Investments Inc. has signed a letter of intent to partner with Applied Cannabis Sciences of New Jersey, which expects to apply for a medical retail dispensary license in 2020.
American CHM Investments Inc. is the wholly-owned subsidiary of Vancouver-based Chemistree Technology Inc., a publicly traded cannabis firm on the Canadian stock exchange.
“The potential to expand Chemistree’s presence outside of California and Washington state and ultimately introduce our signature brand Sugarleaf to the large New Jersey consumer base by partnering with ACS is consistent with our growth strategy,” said Chemistree President Karl Kottmeier in a statement.
“New Jersey is home to over nine million people currently being served by only 12 cannabis operators in its medical program. New Jersey is a logical place for Chemistree to expand and bring the Sugarleaf brand to the New Jersey market,” he said.
If successful, the application will allot ACS a vertically-integrated medical cannabis license. There are currently only 12 licenses issued in New Jersey.