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HomenewsRecreational Marijuana Sales in New Jersey Continue to Rise, According to Recent...

Recreational Marijuana Sales in New Jersey Continue to Rise, According to Recent Data

The Garden State’s legal marijuana dispensaries raked in over $116 million in sales during the third quarter.

If sales to medical patients are included, state officials say the sum exceeds 7 million for the period of July to September.

Twenty dispensaries across the state were granted licences to sell recreational marijuana to adults in the third quarter, and all of them were controlled by huge organisations that had first operated as medical dispensaries before expanding once the market opened in New Jersey.

Latest numbers: NJ recreational marijuana sales grow higher

A major goal for the New Jersey Cannabis Regulatory Commission in 2019 is opening the market to local, small businesses.

New Jersey business owners have been issued 30 licences, 15 of which are for dispensaries. Independent cannabis store owners had high hopes at the beginning of September, but by mid-month, many had given up.

“We are looking forward to seeing local, small business owners participate in this profitable industry,” New Jersey Cannabis Regulatory Commission Chairwoman Dianna Houenou stated in a press statement.

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“Our priority application process, as well as new efforts like the no-cost Cannabis Training Academy being launched by New Jersey Business Action Center in early 2023, are creating that route for them to be included,” she said.

Although medical cannabis sales rose, recreational sales increased by 46 percent from the second quarter (between April and June).

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Latest numbers: NJ recreational marijuana sales grow higher

Twelve shops sold almost $24 million in recreational marijuana in the first month sales were legal, according to figures provided in May by the Cannabis Regulatory Commission.

Then, from April through June, a growing number of authorised shops raked in roughly $80 million from the sale of recreational marijuana.

By the middle of December, 20 outlets were selling recreational marijuana and 10 were still providing medical marijuana to patients with valid identification.

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In a written statement released on Friday, NJCRC Executive Director Jeff Brown said, “New Jersey is merely seeing the beginning of what is possible for cannabis.”

We have now granted 36 New Jersey entrepreneurs annual licences to operate recreational cannabis companies; 15 of these licences are for dispensaries. The expansion of just those companies will have a major impact on the market.

He went on to say that they anticipate an increase in business and a decrease in pricing as a result of more outlets opening up and increasing competition.


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