Harvest Health & Recreation (OTC:HRVSF), Curaleaf Holdings (OTC:CURLF), and Acreage Holdings (OTC:ACRGF) are moving quickly to cash in on new markets after citizens in Arizona and New Jersey voted to permit adult-use cannabis sales next year.
Companies that already have medical marijuana dispensaries in those states will have an edge. In Arizona, Proposition 207, the ballot referendum that was passed allowing adult-use marijuana sales, puts existing medical-marijuana dispensaries at the front of the line when applying for adult-use licenses. Adult-use sales could begin as early as March. The state has allowed medical-use marijuana since 2010 and it has 130 dispensaries, including drive-thru dispensaries.
In New Jersey, medical marijuana has also been legal since 2010, but the rollout has been slower. The state has 9 million residents, but there are only 13 medical-use dispensaries in operation.
New Jersey residents approved Public Question 1, which amended the state constitution to allow recreational-use marijuana sales. The referendum leaves it to the state to write exactly how that will work, and the state’s legislators have been working on Bill S21 to regulate the process. The state…