NJ Approves Curaleaf’s Adult-Use License Renewals After Regulatory Challenge

Curaleaf (CSE: CURA / OTCQX: CURLF) announced Monday that the New Jersey Cannabis Regulatory Commission (CRC) board reversed an earlier ruling and voted to approve Curaleaf’s adult use cannabis licenses.

The CRC board’s decision came after first voting to vacate an April 13 decision that denied New York, NY-based Curaleaf’s adult-use license renewals, the company said in a statement.

“Today’s decision by the CRC board to vacate their unprecedented action last week is an incredible victory for our 500 New Jersey team members and vindication for what we knew all along: Curaleaf is in good standing with the CRC and has fulfilled every requirement necessary for the renewal of our licenses,” Curaleaf CEO Matt Darin said.

In previously voting not to renew Curaleaf’s adult use licenses, the CRC board reportedly disregarded the commission’s staff recommendation to renew Curaleaf’s adult use licenses, according to Curaleaf. The market-leading multi-state operator (MSO) also had no pending license violations in New Jersey, per Curaleaf.

However, as part of the approval, Curaleaf must provide New Jersey’s cannabis commission with additional information regarding its labor practices and confirm its ongoing compliance with New Jersey law.

“This decision by the board is a victory for Curaleaf, a company that has proudly generated tens of millions of tax dollars for the state, invested upwards of $75 million more to support its cannabis industry, and supplied cannabis products to nearly all of New Jersey’s licensed dispensaries, including social equity license holders,” Curaleaf chairman Boris Jordan said.

“Curaleaf remains open for business and will continue working collaboratively with the CRC board and its staff to ensure our good standing in the State of New Jersey.”