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Tue. 24 May 2022, 8:12pm ET Benzinga Cannabis, News, Retail Sales, Small Cap, Success Stories, Startups, Small Business, Markets

Ayr Wellness Inc. (CSE:AYR) (OTCQX:AYRWF), announced on Tuesday that it has received approval from the New Jersey Cannabis Regulatory Commission for adult-use cannabis sales in the Garden State.

Ayr currently operates medical dispensaries in Woodbridge, Union, and Eatontown, all located in Central New Jersey, a region of 3.4 million people that until now only had access to two adult-use dispensaries. Ayr's three retail locations are the maximum allowable dispensaries under current state law.

“We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, founder, chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. New Jersey is expected to become a highly influential state for the U.S. cannabis industry, and we are honored to help shape the market landscape from its early stages.”

Julie Winter, Ayr’s VP of retail operations in New Jersey called the approval a milestone.

“This is a significant milestone for Ayr, and I am so proud of our team for making it a reality. We look forward to opening our doors to adult-use customers while continuing to provide excellent service, quality, and choice to our medical patients,” Winter said.

Adult-use sales in New Jersey officially began five weeks ago. BDSA expects New Jersey to be the third-largest contributor to overall US sales growth by 2026, projected to generate annual revenue of $2.3 billion in total legal cannabis sales.

Photo by Matt Nelson On Unsplash.