WAKEFIELD, Mass. – Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a number one vertically built-in hashish operator within the United States, in the present day introduced the completion of the deliberate acquisition of the belongings of Curaleaf NJ, Inc. (“Curaleaf NJ”), a vertically built-in medical hashish non-profit company that holds one of the unique six medical licenses in New Jersey. Curaleaf Holdings, Inc. now owns 100% of the Curaleaf NJ, Inc. Alternative Treatment Center (“ATC”) operations, belongings and licenses in New Jersey, for which it beforehand offered administration companies.
Following the acquisition Curaleaf will combine the monetary outcomes of the New Jersey medical hashish enterprise operations into its consolidated monetary statements, which had been beforehand reported as managed revenues.
Joseph Lusardi, CEO of Curaleaf, stated, “Curaleaf is one of New Jersey’s oldest and largest providers of cannabis. The asset acquisition we announced today completes our vertical integration and conversion to a for-profit entity in the state, marking a major milestone for our New Jersey presence. With our strong growth and a cannabis adult-use ballot approval on the horizon, we are actively investing in the expansion of our market leading position to better serve the more than 9 million residents of the Garden State with the quality cannabis products they rely on.”
The Curaleaf NJ license and different belongings had been acquired in trade for Curaleaf cancelling loans that had been used to fund the construct out of the beforehand managed non-profit entity.
Curaleaf’s enterprise in New Jersey operates the state’s largest medical hashish dispensary in addition to greater than 51,000 sq. toes of cultivation and processing area in Bellmawr, NJ, via its built-in license. In accordance with the not too long ago adopted state laws, Curaleaf plans to open two further New Jersey dispensary areas, in addition to a further cultivation and processing operation, for which the Company has secured a facility within the Township of Winslow, NJ, creating lots of of jobs for the state.
Originally, New Jersey medical hashish ATCs had been required to be operated as non-profit entities. Today’s announcement follows modifications to the New Jersey Department of Health (“NJDOH”) regulatory construction that permitted ATCs to promote or switch their license to a for-profit entity, with NJDOH approval.
In March 2018, underneath the route of Governor Murphy, who campaigned on a platform that included hashish legalization, the NJDOH issued the Executive Order 6 Report, which instantly expanded the medical hashish program in quite a few methods, together with including power ache and nervousness as qualifying circumstances, doubling the month-to-month product restrict, and allowing present licensees to open satellite tv for pc dispensaries. In December 2019, the New Jersey state legislature handed a invoice so as to add an initiative to the November 2020 poll that can enable voters to determine whether or not to legalize the sale of adult-use hashish within the state, offering a possible path for added state shopper entry.
About Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a number one vertically built-in multi-state hashish operator with a mission to enhance lives by offering readability round hashish and confidence round consumption. As a high-growth hashish firm identified for high quality, experience and reliability, the corporate and its manufacturers, Curaleaf and Select, present industry-leading service, product choice and accessibility throughout the medical and adult-use markets. The firm presently operates in 18 states with 57 dispensaries, 15 cultivation websites and 24 processing websites. Curaleaf employs over 2,200 folks throughout the United States. For extra info please go to www.curaleaf.com