HomeMarket NewsMicro Cap StocksNew Jersey Sees Advancements in Adult-Use Cannabis Licensing Amid Scrutiny of TerrAscend

New Jersey Sees Advancements in Adult-Use Cannabis Licensing Amid Scrutiny of TerrAscend

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The New Jersey Cannabis Regulatory Commission (NJ-CRC) has recently achieved significant progress in the state’s cannabis industry through the issuance of multiple licenses, marking a significant expansion.

New Jersey Grants Approval for 112 Adult-Use Cannabis Licenses, Boosting Market Activity

As reported by HEADYNJ, the NJ-CRC has approved a total of 112 adult-use cannabis licenses, comprising 40 conditional licenses, 52 conversions to annual licenses, and 20 annual license applications.

Jeff Brown, the executive director of the NJ-CRC, highlighted that while the commission currently has several inactive applications due to businesses not responding to their staff, the New Jersey adult-use and medical cannabis market is experiencing growth and currently has 60 operational dispensaries.

Furthermore, New Jersey is witnessing the emergence of adult-use-only cultivators and manufacturers, adding diversity to the production landscape within the market.

Addressing Compliance Concerns in the Medical Cannabis Sector

TerrAscend Corp. (TSNDF), a prominent player in New Jersey’s medical cannabis industry, recently faced compliance issues, as disclosed by Jeff Brown. The company submitted a corrective action plan, but subsequently, another violation was reported.

While TerrAscend Corp. had previously experienced multiple violations, this recent breach was classified as a category 5 violation, potentially resulting in a maximum penalty of $10,000. However, the NJ-CRC decided not to recommend a fine in this particular case.

Brown emphasized that the primary objective is compliance, and TerrAscend Corp. has largely been compliant since the initial round of violations.

Read Next: EXCLUSIVE: Why TerrAscend’s Success Doesn’t Rely On Federal Cannabis Reform

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