Cannabis Trends

New Jersey Among Next 4 U.S. States in Line to Legalize - Seite 2

At the same time that New Jersey announced an 800% increase in MMJ licenses, the state also announced an upcoming voter referendum on adult-use legislation in 2020. This has understandably caught the cannabis market's attention; New Jersey needs to greatly increase the number of cannabis companies in the state to meet demand.

Meeting the New Jersey MMJ Opportunity

With the doors about to open much wider for New Jersey's MMJ market, Chemistree Technology Inc. (CHM-CHMJF) took quick action in April 2019 by partnering with and acquiring 10% of Applied Cannabis Sciences (ACS), a medical retail dispensary comprised of a team of New Jersey-based industry professionals from both the MMJ and adult-use sectors. ACS is no lightweight by any standard, with a management team representing 50+ years of collective experience and 20+ cultivation, processing, and manufacturing licenses across 4 U.S. states.

Chemistree President Karl Kottmeier commented on the partnership saying, "The potential to expand Chemistree's presence outside of California and Washington state and ultimately introduce our signature brand Sugarleaf to the large New Jersey consumer base by partnering with ACS is consistent with our growth strategy."

To gain just some idea of the depth of the ACS team, counted among their founding members is Nicholas J. Zitelli, also known by his penname Nico Escondido, under which he has written hundreds of industry articles, most notably for High Times. Zitelli is the founder and CEO of the Amsterdam-based medicinal research and development Cannabis Genetics Institute (CGI), and has established industry expertise spanning everything from cultivation to genetics, garden technologies, lab testing, and regulatory and compliance measures. Chemistree wisely appointed Zitelli to its Board of Directors in April.

With New Jersey representing 9 million+ people, a mere 6 active cannabis operators, and up to 108 new licenses up for application, the partnership with ACS is only the latest example of how the Chemistree corporate strategy is playing out.

Keeping Pace with the Greater Cannabis Opportunity

With the cannabis industry emerging and expanding as fast as it is, Chemistree Technology Inc. (CHM-CHMJF) understands that time is of the essence. Unlike the typical and slower start-up approach of many other companies in the space, Chemistree uniquely positions itself as a U.S.-facing cannabis investment company. This approach has enabled Chemistree to accelerate its international presence and footprint by acquiring and developing cannabis assets that are vertically integrated across the cultivation, processing, distribution and retail sectors.