Ascend Wellness Holdings, Inc. (OTCQX AAWH) (CSE:AAWH) has been approved to serve adult-use consumers in New Jersey.
AWH will commence adult-use sales in the coming weeks starting with its flagship Ascend Rochelle Park dispensary located at 174 NJ-17 N. The company currently operates two of the state's 23 medical dispensaries and expects to sell adult-use cannabis products at its Montclair retail location at 395 Bloomfield Ave. It will open a third dispensary, located in Fort Lee, later this year.
AWH is also approved by the New Jersey Cannabis Regulatory Commission to begin adult-use cultivation and manufacturing operations at its Franklin facility, which includes 16,000 square feet of canopy that will reach 100,000 square feet by year-end 2023. Recently, the company scaled its cultivation capabilities to keep pace with the growing total addressable market projected to exceed $2 billion by 2025. In anticipation of growing consumer demand, AWH has enhanced local hiring initiatives and plans to create new jobs throughout New Jersey.
"AWH has served thousands of patients since entering New Jersey's medical market in May 2021, and we are equipped to offer the same affordable and safe cannabis experiences to our growing community of adult-use consumers," stated Frank Perullo, president of AWH. "Our knowledgeable retail team at Ascend Rochelle Park is prepared to welcome consumers at every stage of their cannabis journeys and provide personalized guidance for all lifestyles and preferences."
Abner Kurtin, founder and CEO of Ascend Wellness Holdings, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
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