Columbia Care, a medical cannabis company with licenses in 18 U.S. and European Union jurisdictions, has acquired a 50K SF vacant building in Vineland, New Jersey, near Atlantic City, from LS Capital for a reported $2.6M.
The company's first New Jersey location has 47K SF of warehouse space and 2.7K SF in office space, according to the Philadelphia Business Journal. It will serve as Columbia Care's cultivation center. Columbia said in a statement it has "plants in the ground" and expects its product to be available by May. The Vineland dispensary is set to open in the second quarter.
The company is "looking into wholesale options" ahead of its first harvest and is evaluating locations for the two additional dispensaries it plans to open in New Jersey.
New Jersey officials are under pressure to expand the size of the state's medical marijuana program, which has been criticized for long wait times for patients, low supplies and above-average prices for product. Seven dispensaries serve the 60,000 or so registered patients.
Plenty of sellers will be interested in Columbia's business.
A recent survey from the National Association of Realtors found that in states where both medical and recreational marijuana were legalized for more than three years, 42% of respondents reported an increase in demand for warehouses over the previous year.
The survey also found that 34% of respondents saw a rise in demand, while 19% in states where only medical cannabis is legal saw a surge in interest.
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