You are here
Home > News > New Jersey Cannabis: Almost $80 Million Sold in First 10 Weeks

New Jersey Cannabis: Almost $80 Million Sold in First 10 Weeks

New Jersey’s recently launched legal cannabis market has racked up nearly $80 million worth of sales in the first ten weeks following its launch in late April.

The state’s Cannabis Regulatory Commission released the sales figures in a report last week. From April 21st, when recreational marijuana was launched in California, to the end June, total tax revenue from cannabis sales reached $4,649.202. In that same period, total recreational cannabis sales reached $79698,831.

Jeff Brown, executive director at the New Jersey Cannabis Regulatory Commission stated that these numbers show a market in good health with potential for growth.

“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices,” Brown said in a statement on Friday. “As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better.”

Dianna Houenou, the chair of the state Cannabis Regulatory Commission, echoed Brown’s optimism.

“New Jerseyans are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities,” Houenou said. “We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”

After a long, oft-delayed rollout, New Jersey’s recreational cannabis market finally opened for business on April 21. The grand opening was attended by thousands of people, who generated nearly $1.9million in recreational marijuana sales the first day.

“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” Brown said in a statement at the time. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any [medical cannabis dispensary] that does not meet the requirements for patient access and supply.”

New Jersey’s 2020 ballot measure legalizing recreational cannabis use was approved by voters. Ten years ago, the state had legalized medical cannabis.

In its report issued last week, the Cannabis Regulatory Commission said that medical cannabis sales in New Jersey “ticked up to $59,262,014” after suffering “a small decline to $55,838,072 in the first quarter of 2022.”

The $59.2 million figure, the commission said, “is more in line with sales figures the last quarter of 2021.”

“The demand for medicinal cannabis continues to be strong and we are committed to ensuring access for patients,” Brown said.

While recreational marijuana has been a strong market in New Jersey for some time, it wasn’t an easy path to get there.

The initial plan was for adult-use sales to start in February. However, due to delays by the state, Nicholas Scutari (president of the New Jersey State Senate) called for hearings to examine the causes.

“These delays are totally unacceptable,” Scutari said in a statement at the time. “We need to get the legal marijuana market up and running in New Jersey. This has become a failure to follow through on the public mandate and to meet the expectations for new businesses and consumers.”

Scutari called Brown to testify in May at the hearing that lasted for five hours.

Scutari stated at the proceeding, that public pressure could have been the catalyst for the launch of the market the month before.

“I’m confident that if we did not start this process, the adult weed market would still not be open in New Jersey,” Scutari said at the hearing.