Canopy Rivers affiliate gains traction in New Jersey medical cannabis market
Canopy Rivers (TSXV:RIV) announced that NETA NJ LLC, a company controlled by its portfolio company, TerrAscend (CSE:TER; OTCQX:TRSSF), has been selected by the State of New Jersey Department of Health to apply for final approval to operate an alternative treatment center that would be permitted to cultivate, process and sell medical cannabis in the state.
The State of New Jersey received 146 applications to cultivate, process and sell medical cannabis. NETA was the highest scoring applicant in the most densely populated region in the state, and one of only six successful applicants across the state.
The successful applicants were chosen as part of the state’s plan to expand the medicinal cannabis program to include an increased number of eligible conditions for the growing patient population, which now has almost 40,000 participating patients.
Canopy Rivers, which works collaboratively with Canopy Growth (TSX:WEED; NYSE:CGC), does not engage in any U.S. cannabis-related activities.