Poseidon Investment finances social equity dispensary in New Jersey

Despite claims of few financing deals happening in cannabis, it seems some money is making its way to cannabis companies.

For example, Poseidon Investment Management announced its financing of the social equity dispensary Herb Haus founded by Joe Kanegieser. Kanegieser won a social equity license as part of the third set of licenses awarded in May 2022 from the New Jersey Cannabis Regulatory Commission.  Herb Haus was also selected by the New Jersey Economic Development Authority’s Cannabis Equity Grant Program.

“Herb Haus will offer the broadest selection of premium, lab-tested, and state-legal cannabis products at the best prices to customers visiting the Meadowland Sports Complex,” said Joe Kanegieser, Founder.  “It’s been a long journey, and I couldn’t be happier to be in a position to bring Herb Haus to life with the help of Poseidon.”

According to the statement, Herb Haus will be located at 300 Washington Avenue in Carlstadt, New Jersey. Within walking distance of the Meadowlands Sports Complex, the dispensary is conveniently situated near MetLife Stadium, Meadowlands Racing & Entertainment, Nickelodeon Universe Theme Park, American Dream Mall, and the New Meadowlands Flea Market. The company also says it will have a drive-through available.

The company’s LinkedIn page says it plans on opening in Spring 2025 and describes itself as more than a dispensary. It says it is a safe and secure space where cannabis lovers can connect, explore, and experience top-quality products in a laid-back, welcoming environment.

“This is an exceptional location that’s full of opportunity to introduce a very diverse set of customers visiting the Meadowlands Sports Complex to New Jersey’s finest state-legal cannabis,” said Patrick Rea, Managing Director of Poseidon.  “Herb Haus will put customers first – with a safe, efficient, and premium cannabis dispensary experience.  We expect Herb Haus to become the highest performing store in the tri-state area.”

Jersey Strong

Poseidon has been very active in the state in recent months. In December, the company announced investments into two New Jersey dispensaries, BLKBRN (pronounced “Blackburn”) and Dogwood Green. The company said that Dogwood Green and BLKBRN are both led by experienced cannabis professionals and plan to 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.