NEW YORK, May 17, 2018 /PRNewswire/ -- Acreage Holdings ("Acreage") (www.acreageholdings.com), one of the nation's largest, multi-state cannabis corporations, has signed a letter of intent to enter into a long-term management contract to assist with expansion and operations of Compassionate Care Foundation, Inc. (CCF), a not-for-profit entity that operates a dispensary and cultivation facility in Egg Harbor, New Jersey. CCF is one of only six Alternative Treatment Centers that holds licenses from the state to grow and dispense medical marijuana. As part of the Arrangement, Acreage will provide the foundation with requisite financial resources to respond to growing patient demand.
CCF was one of the first Alternative Treatment Centers to receive the necessary approvals in New Jersey and currently operates the largest approved medical marijuana growing facility in the state, providing patient-centered treatment for patients with a range of often-debilitating conditions since 2013. The transaction contemplated by the letter of intent is subject to New Jersey's regulatory approval process.
Acreage's growth in New Jersey is part of a strategic plan to address additional patient demand related to legislative changes. As recently as last year, New Jersey had a relatively limited medical marijuana program. In March 2018, Governor Phil Murphy announced a significant program expansion to treat a wider range of conditions with fewer obstacles to enrollment and more dispensaries. As part of this expansion, New Jersey is expected to license more companies to grow, cultivate and sell medicinal marijuana. The Department of Health has quickly moved to responsibly implement the Governor's intentions.
Kevin Murphy, Acreage Founder and CEO, said, "Governor Murphy's decision to expand the medical marijuana program in New Jersey should be applauded as the first step towards a well-regulated and effective cannabis program. 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."
David Knowlton, President of CCF, said, "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. Acreage Holdings, as one of the most reputable operators in the country, if not the world, has the resources and experience to expand the operations of CCF to provide more access to medical marijuana for patients in need."
Founded in 2014, Acreage Holdings has the most diverse portfolio of any company in the American cannabis industry, with cultivation, processing and dispensing operations across 11 states and growing.
George Allen, President of Acreage, added, "With the addition of New Jersey, Acreage will be enabling relief and healing in 12 states, comprising 42% of the American population. We are committed to responding to the growing patient need in New Jersey by investing the necessary capital and resources into the Foundation to make New Jersey a healthy, patient-first cannabis market."
ABOUT ACREAGE HOLDINGS
Acreage Holdings is a vertically integrated, multi-state owner of cannabis licenses and assets in states where either medical and/or adult use cannabis is legal. Headquartered in New York City and currently operating in 11 states, Acreage owns cultivation, processing and dispensary operations and has among the largest footprints of any cannabis company in the U.S. The company is focused on building and scaling the best-in-breed operations and creating the best consumer-focused cannabis experiences and brands in the space.
View original content with multimedia:http://www.prnewswire.com/news-releases/acreage-announces-plans-to-enter-its-12th-state-300650328.html
SOURCE Acreage Holdings