Atlantic City: Claridge’s Hotel’s Former Gambling Casino to Become New Jersey’s First Cannabis Lounge – Acreage Holdings (OTC: ACRDF), Ascend Wellness Holdings (OTC: AAWH)

New Jersey’s Casino Reinvestment Development Authority has approved a proposal that would bring a 10,000-square-foot cannabis dispensary and lounge to Atlantic City’s historic Claridge’s Hotel and former gambling casino where Marilyn Monroe once judged the Miss America pageant.

Making room for the Claridge’s Hotel, which opened in 1930 during the Great Depression as one of the last great hotels built near Atlantic City’s boardwalk. High Roller Dispensary On which his casino floor used to be. The Claridge’s is now a stand-alone hotel with no gambling.

Because Claridge’s doesn’t technically share a border with or along Atlantic City’s boardwalk—it’s separated by a park and a Korean War memorial—it’s not subject to city restrictions against recreational cannabis on the boardwalk. And, since it is no longer a casino, it is not subject to federal restrictions.

John Cohn, a co-owner of High Rollers Dispensary, said the company is close to finalizing its lease from Claridge’s and will soon pursue a $3.2 million renewal, reports.

“We think it’s a good fit for the city overall to use cannabis for tourism,” said Cohn, whose company also has a license to build a cultivation facility on vacant land nearby. “You might not be on the boardwalk, but it’s relatively close.”

In 2022, Atlantic City established a “Green Zone” to encourage cannabis tourism.

If all goes according to the proposal and if it receives approval from the Cannabis Regulatory Commission, which is expected, adults over 21 will be allowed to consume cannabis on the premises, which is across from the famous Atlantic City Boardwalk. It is only a few steps away.

Although existing New Jersey regulations do not allow any alcohol or food to be sold inside consumption lounges, those provisions have drawn criticism during a public comment period that ended March 18.

booming weed market

since entertaining sale of cannabis becomes legal on April 21, 2022 in New Jersey, the marijuana market has grown manifold and is continuously evolving into a dynamic industry.

Multi-State Operators in New Jersey Acreage holdings included ACRDF Aarohi Kalyan AhhAYR Wellness AYRWF scrollleaf curlfgreen thumb gtbifColumbia Care CCHWF terrascend TRSSF and Verano Holdings VRNOF,

If all goes well, the High Rollers dispensary could open as soon as this coming summer.

Photo: Benzinga edit with Jack Boucher on Wikimedia Commons, Marty Bug Catcher on Shutterstock and High Roller Cannabis Company logo on Facebook

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