Chemistree Technology (CSE: CHM) (USOTCQB: CHMJF) has signed a letter of intent to partner with Applied Cannabis Sciences of New Jersey, a New Jersey-based medical retail dispensary applicant in the upcoming round of request for applications which is expected in 2020.
The agreement was signed by the company’s U.S. subsidiary American CHM Investments.
Chemistree Eyes New Jersey Market
Applied Cannabis Sciences is established by a team of seasoned professionals from the legal medicinal and adult use marijuana industry. Recently-appointed Chemistree board member Nico Escondido is a founding member of the ACS team.
The application, if successful, will provide Applied Cannabis Sciences with a fully-integrated cultivation, manufacturing, processing and retail sales license in the state of New Jersey – of which there are currently only 12 issued.
“The potential to expand Chemistree’s presence outside of California and Washington state and ultimately introduce our signature brand Sugarleaf to the large New Jersey consumer base by partnering with ACS is consistent with our growth strategy,” Chemistree President Karl Kottmeier stated.
“New Jersey is home to over nine million people currently being served by only 12 cannabis operators in its medical program. New Jersey is a logical place for Chemistree to expand into and bring the Sugarleaf brand to the New Jersey market.”
The terms of the partnership arrangement are not financially material, notes a Chemistree statement.