Ascend Wellness partners with Mister Jones in N.J.

Executive Summary

• Ascend Wellness Holdings Inc. has entered into a partnership with Mister Jones LLC and Lerone Jones to open a new adult-use cannabis dispensary in Little Falls Township, New Jersey.
• This partnership is one of the first under New Jersey’s Assembly Bill A4151, which facilitates expanded investment opportunities for diversely owned businesses in the cannabis industry.
• The new dispensary is scheduled to open on December 19, with Ascend providing financing, product supply, and operational support.

Key Details

• Partnership Structure: Ascend Wellness Holdings Inc. is partnering with Mister Jones LLC and Lerone Jones. Ascend will provide comprehensive support including financing for the retail space, upfront capital, a steady product flow (including Ascend’s product portfolio), and technical assistance for back-end operations.
• Location: The dispensary is located at 655 US-46, Little Falls Township, N.J., 07424.
• Opening Date: The dispensary is set to open on December 19.
• Operating Hours: The Mister Jones dispensary will operate from 8 a.m. to 10 p.m. daily.
• Regulatory Context: The partnership marks a significant milestone as one of the first under New Jersey's recent Assembly Bill A4151, facilitating expanded investment opportunities for diversely owned businesses in the cannabis industry.
• Background on Partner: Mr. Jones previously worked as a floor supervisor at Ascend Montclair and founded Green Garden Advisors. He has been an active advocate for adult-use cannabis in New Jersey and studied Nevada's legal adult-use cannabis model in 2017.
• Company Commitment: Ascend highlights its commitment to social equity through initiatives like the CO-LAB for Social Equity, focusing on restorative justice, economic empowerment, and community reinvestment.

Notable Quotes

• Lerone Jones: "I am excited to rejoin Ascend in this new capacity and to continue our shared mission of making cannabis accessible and beneficial for all... This partnership reflects my belief in the potential of this industry to create jobs and stimulate growth in our communities, especially those negatively impacted by the war on drugs."
• Grazia Laurendi, Regional Director of New Jersey for Ascend Wellness Holdings: "Partnering with Lerone Jones and Mister Jones LLC is an exciting opportunity for Ascend to expand our footprint in New Jersey... We are proud to support him in bringing this retail location to the Little Falls community, and we look forward to contributing to the local economy and fostering responsible cannabis use."