ITHUF - iAnthus Commences Operations in Its Tenth State: New Jersey
iAnthus Capital Holdings (OTC: ITHUF) announced on Tuesday that the company received approval to begin operating in New Jersey at its Pleasantville location. The site features a cultivation campus that the company is still building, and when it's complete, it will have an extraction lab and kitchen as well. Initially, the complex will be 33,000 square feet, but it could be expanded to 83,000 square feet.
The company anticipates that it will open its first medical dispensary in New Jersey in Atlantic City during this quarter. In the second quarter, it expects to harvest its first crop from the cultivation facility.
New Jersey could soon be an even more lucrative market for iAnthus and other cannabis companies; the state plans to put a question on the November 2020 ballot regarding the legalization of recreational marijuana. If the ballot initiative is approved, iAnthus says it plans to build another location in Atlantic City to cater to the adult-use market.