Poseidon Invests in Two New Jersey Dispensaries
Poseidon Investment Management has completed investments in 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 sees New Jersey as one of the "nation's fastest-growing cannabis markets." Adult-use cannabis sales in New Jersey first launched on April 21, 2022, and have reached nearly $1 billion in 2023. Adults over 21 can purchase up to one ounce of cannabis with a state-issued photo ID.
Poseidon co-founder and managing director Morgan Paxhia sees good investment opportunities in New Jersey, alongside Ohio, Pennsylvania, and Massachusetts.
Jeff Jacobson, co-founder of BLKBRN, recognized Poseidon as a "true partner throughout our launch." He added, "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."
Dogwood Green co-founder Whitney Oldham said their mission is to build "a legacy of inclusivity and opportunity in West Orange." She added, "By offering thoughtfully curated cannabis products alongside the resources for education and empowerment, we're building more than just a dispensary.