Chemistree Technology Inc. (CSE: CHM) (US OTCQB: CHMJF) (the “Company” or “Chemistree”), is pleased to announce that through a wholly owned U.S. subsidiary, the Company has finalized its investment into Applied Cannabis Sciences of New Jersey (“ACS”), a New Jersey-based medical vertically integrated applicant, previously announced as a letter of intent (press release dated April 15, 2019).

ACS will be submitting its application in the upcoming New Jersey round of Request for Applications (RFA), which was released Monday, July15, 2019 by the New Jersey Department of Health. The State will issue 24 new permits, comprising of 15 dispensary permits, 5 cultivation permits, and 4 vertically integrated permits. All applications are to be submitted by August 22, 2019. ACS placed in the top 20 applicants in the last permitting round, narrowly missing out on receiving a license at that time.

ACS is pleased to participate in this current round and to be a part of the expansion of New Jersey’s medical program which has set a goal of increasing registered patient count to over 200,000 as well as anticipating the adult-use market if decided by voters in a 2020 referendum.  The application, if successful, will provide ACS with a fully integrated cultivation, manufacturing/processing and retail sales license in the state of New Jersey. Currently, there are only 12 facilities servicing the 49,000 patients enrolled in New Jersey medicinal cannabis program.

“Completing this investment with ACS and being on the ground floor towards expanding New Jersey’s medical marijuana program marks a significant step forward in our Company’s East Coast expansion plans,” stated Karl Kottmeier, President of Chemistree.  “We expect, along with ACS’ leading cannabis experts and track record, that we will be able to secure this highly coveted and valuable State license.”

Director Nico Escondido said, “The entire team at ACS is very excited to have solidified our partnership with Chemistree. The goals of both entities are keenly aligned, with the objectives of serving both the patients and communities in which we operate being our top priority. This partnership enables us to disseminate our mission across North America, while also creating a hub for cannabis research and development here on the Eastern seaboard. We look forward to a successful application in our great State of New Jersey and working with the members of Chemistree to build something of incredible value for both our patients and the cannabis industry.”

Applied Cannabis Sciences has been established by a team of seasoned professionals from the legal medicinal and adult use marijuana industry whose collective experience exceeds 50 years and includes over 20 cultivation, processing, and manufacturing licenses across four states (Washington, Oregon, California, and Colorado) within the U.S. The ACS team consists predominantly of professionals that reside and currently operate from New Jersey and maintain multiple strategic partnerships, including Rutgers Medical School, Stockton University and RWJ Barnabas Healthcare. A founding member of the ACS team and cannabis industry expert, Nico Escondido, is a member of Chemistree’s Board of Directors (press release dated April 9, 2019).

SOURCE Chemistree Technology Inc.