Cannabis specialist Poseidon bets on New Jersey and completes investments in these two dispensaries

Poseidon Investment Management announced Wednesday that it has completed two investments in two pharmacies in New Jersey. BLKBRN And Dogwood green.

Both companies will focus on serving patients and recreational cannabis users when they open in 2025.

“With these two investments, we are investing in retail in special situations, driving above-average sales with a focus on profitability, increasing the probability of success for founders and generating faster returns for our investors,” said Poseidon CEO Patrick Rea.

Poseidon called New Jersey one of the “fastest-growing cannabis markets in the country.”

Also Read: New Jersey’s Dispute Over Domestic Cannabis Cultivation: Green Light or Red Flag?

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Adult-use cannabis sales in New Jersey first began on April 21, 2022 through seven existing medical cannabis operators. Since then, the state cannabis regulator has approved additional recreational cannabis licenses.

According to the New Jersey Cannabis Regulatory Commission, sales reached nearly $1 billion in 2023, highlighting the state’s rapid adoption and strong demand. Adults over 21 can purchase up to one ounce of cannabis with a state-issued photo ID, making access easier for residents and visitors alike.

Co-founder and CEO of Poseidon Morgan Paxhia said at Benzinga’s cannabis event in April that New Jersey, along with Ohio, Pennsylvania and Massachusetts, offer good investment opportunities in the current environment.

Jeff Jacobson, Co-founder of BLKBRN, recognized Poseidon as a “true partner throughout our launch.”

“In addition to their financial commitment, they bring a wealth of industry knowledge, well-established contacts and unparalleled passion to the team,” Jacobson said.

Co-founder of Dogwood Green Whitney Oldham said their mission is to build “a legacy of inclusivity and opportunity in West Orange.”

“By offering carefully curated cannabis products along with resources for education and empowerment, we are building more than just a dispensary,” Oldham said.

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