New York City’s iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) is opening Atlantic City’s first adult use cannabis dispensary on April 20.
The multi-state operator announced the development on Wednesday after receiving necessary regulatory approvals from the New Jersey Cannabis Regulatory Commission (CRC) last Thursday.
The adult-use merchandise will be distributed by the company’s wholly-owned subsidiary MPX New Jersey LLC and the company is also opening a second medical cannabis dispensary in New Jersey’s Gloucester Township.
🖊📑 License for Recreational Cannabis Sales in Atlantic City Signed ‼
Mayor Small has signed a business license allowing MPX NJ to become the first recreational cannabis dispensary in #AtlanticCity!
Adult-use sales begin on 4/20, at 11 a.m. 💚
READ: https://t.co/dUC8EXD3dh pic.twitter.com/NZ4OGkilOY
— City of Atlantic City (@AtlanticCityGov) April 19, 2023
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This will be the first recreational cannabis dispensary in Atlantic City and products will be on sale for 35 per cent off on 4/20. iAnthus also has a third medical dispensary currently under construction in southern New Jersey that will be opening in the coming months.
MPX New Jersey’s expansion into the adult-use market will involve capitalizing on the cultivation and manufacturing capabilities of its cannabis facility in Pleasantville. This move extends the reach of the company’s sales and distribution of products like Anthologie flower, Black Label cartridges and the soon-to-be-released MPX concentrates to medical and adult-use operators throughout the state.
“With these new openings, MPX NJ now offers two retail locations for medical patients, one retail location for adult-use customers, as well as medical and adult-use wholesale to enable access to our products throughout the state,” said Robert Galvin, Interim CEO of iAnthus.
“We continue to invest in our New Jersey operations, as the company seeks to further increase its footprint and add new jobs in New Jersey in 2023 and beyond.”
Photo via MPX NJ
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New Jersey opened its adult use cannabis market last April
New Jersey opened its adult-use recreational cannabis market on April 21, 2022 following the state’s governor signing three bills in February 2021 that largely decriminalized the plant. New York then followed suit by opening its adult use market on December 29, 2022.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), one of the largest American cannabis companies, had its application to distribute adult use cannabis in New Jersey denied by the state’s CRC last Thursday.
Commission members felt that Curaleaf demonstrated a lack of transparency with regulators and cited its previous clashes with employee unionization as another reason for the rejection.
However, on Monday the Commission fully reversed its decision and voted to approve the cannabis operator’s adult use license.
“Today’s decision by the CRC Board to vacate their unprecedented action last week is an incredible victory for our 500 NJ team members and vindication for what we knew all along: Curaleaf is in good standing with the CRC and has fulfilled every requirement necessary for the renewal of our licenses,” said the Curaleaf’s CEO Matt Darin on Monday.
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In Q3 last year, the state generated US$116,572,533 from recreational cannabis alone, according to the CRC.
In other recent state news, Toronto’s TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) partnered with the New Jersey law firm The Hoffman Centers P.C. in February to help provide free expungement services for state citizens with past cannabis-related convictions.
iAnthus shares stayed flat Wednesday at $0.025 on the Canadian Securities Exchange and have dropped by 68.75 per cent over the past six months.
rowan@mugglehead.com
