Curaleaf wins renewal for NJ licenses after emergency meeting of state’s cannabis regulatory commission

Curaleaf Holdings Inc.
CURLF,
+6.80%

CURA,
+8.97%
stock is up 4.2% after New Jersey Cannabis Regulatory Commission on Monday approved a renewal of the Massachusetts-based company’s cultivation and retail licenses for adult-use in the Garden State, in a reversal of a decision last week, according to spokespeople for the commission and Curaleaf. The New Jersey Cannabis Control Commission met in an emergency session ahead of the expiration of Curaleaf’s license later this week. Without a license, the company would have been forced to shut down adult use sales at two dispensaries in Bellmawr and Edgewater Park by Thursday. Curaleaf had been expected to appeal the decision, after Curaleaf Chairman Boris Jordan said the board “wrongly interpreted the applicable regulations.” The New Jersey Cannabis Regulatory Commission initially made the move after questions and concerns over Curaleaf’s decision to close a 40-employee cultivation facility in Belmawr in March.