Grown Rogue International announced the commencement of Phase I operations by ABCO Garden State, LLC, a licensed cannabis cultivator in New Jersey.
"I'd personally like to thank the entire Grown Rogue and ABCO teams for their relentless focus and effort to get us operational so efficiently. Final approval and licensing have been issued from the New Jersey Cannabis Regulatory Commission and I can confirm there are plants in the facility. Phase I includes ~8,000 sq ft of flowering canopy, as measured by bench space, that should produce 500 to 600 pounds of craft quality, whole flower per month. The first harvest is planned for November with sales following shortly thereafter," said Obie Strickler, CEO of Grown Rogue.
"The current plan has Phase II, which will increase flowering canopy to ~17,000 sq ft, coming online in the first half of 2025 with total production anticipated to increase to 1,000 to 1,200 pounds of whole flower production per month. We allocate capital based upon the assumption of competitive-market pricing and we're excited at the prospects of generating substantial cash-on-cash returns in what we believe remains a supply and quality-constrained market in New Jersey," continued Mr. Strickler.
"We couldn't be more excited to be bringing Oregon quality flower to the great people of the Garden State! See you soon, New Jersey," said Obie Strickler.
Grown Rogue owns a 44% equity interest in ABCO, holds an option to acquire an additional 26% for approximately US$720,000, and has the right to acquire all remaining equity at fair market value.
For more information:
Grown Rogue
[email protected]
www.grownrogue.com