John Schroyer
New Jersey hit a new high water mark for adult-use sales in the third quarter, reaching $116.5 million. With medical sales added in, the state sold $177.7 million in legal marijuana, according to state data from the Cannabis Regulatory Commission (CRC).
Adult-use cannabis retail only launched in the Garden State in April, but demand was immediately brisk, with recreational sales for April, May, and June totaling just under $80 million.
Medical sales for the second quarter hit $59.2 million, with another $55.8 million in the first quarter, which brings the year’s total sales in New Jersey – including both medical and recreational – to $372.3 million.
So far there are only 20 legal dispensaries selling recreational cannabis in New Jersey. That’s up from 13 recreational sellers in the second quarter, NJ.com reported. Another and another 10 dispensaries sell 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 news release.
“We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries. Those businesses alone will be a significant growth of the market. 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 multistate operators such as Verano Holdings, as NJ.com reported, CRC Chairwoman Dianna Houenou said in the release that she’s “looking forward to seeing local, small business owners participate in this lucrative market.”
“Our priority application process as well as new initiatives like the no-cost Cannabis Training Academy being launched by New Jersey Business Action Center in early 2023 are paving that path for them to be included,” Houenou said of small businesses.
