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Wednesday, September 27, 2023

Recreational cannabis sales in New Jersey reached $116 million in the third quarter

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The state currently has 20 adult-use cannabis retailers.

New Jersey set a new watermark for adult use sales in the third quarter, coming in at $116.5 million. With medical sales added, the state sold $177.7 million in legal marijuana, according to Country data From the Cannabis Regulatory Authority (CRC).

The Garden State’s adult-only cannabis sale launched in April, but so has demand Immediately revivedwith total recreational sales for the months of April, May and June Just under $80 million.

Medical sales for the second quarter were $59.2 million, with another $55.8 million in the first quarter, bringing total sales for the year in New Jersey — including medical and recreational — to $372.3 million.

To date, there are only 20 legal dispensaries that sell recreational cannabis in New Jersey. That’s higher than the 13 recreational retailers in the second quarter, NJ.com reported. Another and 10 other dispensaries selling medical marijuana.

“New Jersey is only seeing the beginning of what is possible for cannabis,” Jeff Brown, executive director of the New Jersey CRC, said in a press release.

“We’ve now granted 36 licenses a year to recreational Cannabis businesses for entrepreneurs in New Jersey, including 15 for dispensaries. This business alone will be a huge market growth. With more locations and greater competition, we expect the customer base to grow and prices to come down.”

Despite the fact that all 20 retailers are owned by multi-state operators such as Verano Holdings, as reported by NJ.com, CRC President Diana Hoeno said in the release that she is “looking forward to seeing local small business owners participate in this lucrative market.”

“Our priority application process as well as new initiatives such as the No-Cost Cannabis Training Academy that the New Jersey Business Center launched in early 2023 paves the way for inclusion in this space,” Hoeno said of the small businesses.


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