Cannabis-Focused Poseidon Bets On New Jersey, Wraps Up Investments In These Two Dispensaries

Poseidon Investment Management announced on Wednesday that it has completed two investments into two New Jersey dispensaries, BLKBRN and Dogwood Green.

Both businesses are focused on serving patients and recreational cannabis consumers when they open in 2025.

“With these two investments, we are allocating to retail in special situations, driving outsized sales with a focus on profitability, increasing the probability of success for founders, and generating faster returns for our investors,” said Poseidon managing director Patrick Rea.

Poseidon touted New Jersey as one of the "nation’s fastest-growing cannabis markets."

Read Also: New Jersey’s Fight Over Cannabis Home Growing: Green Light Or Red Flag?

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Adult-use cannabis sales in New Jersey first launched on April 21, 2022 through seven existing medical cannabis operators. The state cannabis regulator has been approving additional recreational cannabis licenses ever since.

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

Poseidon’s co-founder and managing director Morgan Paxhia said at Benzinga's cannabis event in April that New Jersey alongside Ohio, Pennsylvania and Massachusetts presents 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-healed connections, and an unrivaled sense of passion to the team," Jacobson said.

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

"By offering thoughtfully curated cannabis products alongside the resources for education and empowerment, we’re building more than just a dispensary," Oldham said.

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