A major retail and real estate company that supports the nation’s largest cannabis cultivation, Acreage Holdings, has partnered with Compassionate Care Foundation, a South Jersey Medicinal marijuana dispensary in a bid to open and supervise a 100,000-square-foot growing site in Gloucester County. The site agreed upon between the two foundations involves a 100,000 square-foot building in Sewell which is in an isolated community within the Mantua Township.
According to a statement released by the two organizations, Compassionate Care and Acreage Holdings have signed a letter of intent that would allow for them to enter a long-term management contract regulating and supervising future expansions and operations.
The founder and president of Compassionate Care Foundation, David Knowlton noted on their reputable partner who has had a successful run rising as the nation’s largest and trustworthy operators of medical cannabis. He believes that Acreage Holdings have the resources and experience required to increase the operations of CCF guaranteeing delivery of medical marijuana for patients in need.
“We are excited about this new partnership with a company that understands the vital importance of making medicinal marijuana available to the New Jerseyans who desperately need this option to address their conditions” Knowlton notes.
He also talked about how the foundation from Egg Harbor Township was seeking authorization from the state Health Department to open up dispensaries around Atlantic City, Cherry Hill, and Moorestown.
This collaboration comes with the move by Governor of New Jersey, Phil Murphy who had permitted a notable expansion of New Jersey’s medicinal marijuana scheme.
A democrat himself, Murphy had been instrumental in expanding the scope of illnesses that would warrant the need for marijuana medication allowing for patients to be qualified for the program. His nod to measures involving slashing patient registration and renewal fees along with welcoming existing dispensaries to seek permission for expanding their growing and retail sites had been significant.
The Governor Murphy’s decision to expand the medical marijuana program in New Jersey comes as a lauding step toward well-regulated and effective cannabis program declared Kevin Murphy, Acreage Founder and CEO.
“The potential to help people who are facing serious health issues, as well as create revenue opportunities for the state, is truly a ‘win-win’ and we are pleased to have this opportunity to grow our presence there,” notes K. Murphy.
The number of registered medical marijuana patients has gone up to 21,123 which is an increase of 2,567, since the Governor’s announcement on March 27th.
However, his move had been met by resistance from both the state legislature and his own party members who are apprehensive about legalizing marijuana for recreational use. Even with that setback, several Cannabis entrepreneurs who are seeking to expand their business have been negotiating deals in the Garden State hoping that with time, recreational marijuana would be legally recognized.
With this status quo, it is no wonder to note that the expectations for the medical program have doubled over a year generating a lot of financial interest around the region.
Previously referred to as High Street Capital Partners, Acreage Partners operates dispensaries and cultivation sites along with developing edible products under its Dixie Brands Division. Found in 2014, they are also involved in acquiring and managing real estate holdings through its Kalyx Development division.
With former house speaker John Boehner and former Massachusetts Gov. Bill Weld joining the Board of Advisors for Acreage holdings last month, the hype surrounding the Company has surged gaining public attention.
In an announcement dated on April 11, Weld and Boehner stated, “While we come at this issue from different perspectives and track records, we both believe the time has come for serious consideration of a shift in federal marijuana policy.”
In line with their vision statement, “We deeply believe in the transformational power that cannabis has to heal and change the world”, Acreage holdings has entered into a collaboration with Compassionate care foundation to serve medical marijuana for patients. This partnership with Compassionate Care Foundation places Acreage foundation to be in operation in around 12 states of the country.