Curaleaf Holdings announced that the New Jersey Cannabis Regulatory (CRC) overturned its prior decision. They have now approved Curaleaf’s licenses for adult-use cannabis after denying it last week due to labor issues.
Curaleaf is a large cannabis corporation that is a Multi-State Operator (MSO).
CRC Almost Cancels Curaleaf
The CRC had previously denied renewal for 2 of 3 of Curaleaf’s NJ licenses for adult-use cannabis. It has now reversed its initially shocking decision, nullifying its verdict from Thursday, April 13th.
Curaleaf CEO Matt Darin expressed his gratitude for the Board’s decision. He considers it “a significant victory for the Company’s 500 team members in New Jersey.” Darin reiterated that Curaleaf has “always been in good standing with the CRC and has fulfilled all of the necessary requirements for license renewal.”
“I am immensely proud of and grateful to all of our team members who turned up today. Not just for their jobs and livelihoods, but also for the betterment and safety of the cannabis industry in New Jersey,” Darin said.
Despite the Commission’s staff recommendations, the CRC had initially rejected Curaleaf’s request for adult-use license renewals.
Conditions of Reinstatement
A spokesperson for the CRC said they must adhere to requirements to negotiate a labor agreement in good faith. The company must also provide the CRC with any plans for facility modifications or operations changes. Curaleaf must also report all good-faith efforts to meet their social equity commitments.
Curaleaf’s licenses for a cultivation site and a dispensary in Bellmawr, a cultivation site in Winslow, and a dispensary in Edgewater Park were renewed for another year.
Curaleaf Chairman Boris Jordan deemed the Board’s decision a victory for the company. He called it a substantial contributor of tax revenue for the state.
Jordan alleged Curaleaf invested over $75 million in the New Jersey cannabis industry. He boasted it has supplied marijuana to nearly all of the state’s licensed dispensaries. Jordan reiterated that Curaleaf is operational. They will work in unison with the CRC and its staff to maintain its good standing.
Most recently, evidence of Curaleaf having financing ties to Russian oligarchs raised even more suspicions about political ties. It occurred during a time of heightened awareness and tensions with Russia, albeit at a more global and national level.
Curaleaf showed how things really get done in New Jersey: behind closed doors with no one watching.