Sales of recreational cannabis for adults in New Jersey reached $116.5 million from July to September.
Revenue of $146 million was announced by the New Jersey Cannabis Regulatory Commission on Friday, up from $80 million reported previously. This increase is attributable to the first six months of legal adult-use cannabis sales in 13 dispensaries across the state, which took place between late April and early June.
On April 21, New Jersey officially began selling recreational marijuana to anybody over the age of 21. Gross sales have steadily increased. Up until May 26, 12 dispensaries in a state with 9.3 million people had sold $24 million in adult-use cannabis, or an average of $5 million each week.
The CRC reported that between April 21 and the conclusion of the fiscal year on June 30, sales of adult recreational marijuana produced almost $80 million.
New Jersey now has 20 dispensaries where adults can legally purchase marijuana, all of which are owned by eight massive national corporations that operate as multi-state operators (MSOs).
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Ascend Fort Lee, where clients may pick up their online adult cannabis orders at the flesh and mortar facility, opened just last month.
In addition, there are 10 dispensaries serving medical marijuana patients that are not owned by MSOs.
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The Secaucus, New Jersey-based Harmony Foundation Inc. is one such organisation. At the commission’s last meeting on December 2, the business was granted permission to commence adult pot sales, making it the first nonprofit medical dispensary to enter the New Jersey adult weed market.
In a statement released on Friday, a representative for Harmony said the company is awaiting the final permit for adult recreational cannabis sales, which may arrive any day now that the CRC has completed its site inspection. Harmony is ready to start selling to adults as soon as it does, according to the company’s spokeswoman.
The CRC has stated that the incorporation of Harmony heralds the beginning of the next phase of development for the sector. Many experts in the business have warned that the 20 dispensaries managed by MSOs in the Garden State are not enough to meet long-term demand without bringing in additional suppliers. As more and more small businesses begin to apply for and receive annual licences to operate dispensaries, they may be able to address this need.
New Jersey is “just seeing the beginning of what is possible for cannabis,” CRC Executive Director Jeff Brown said in a statement. We have already granted 36 New Jersey entrepreneurs annual licences to operate recreational cannabis companies, including 15 dispensaries.
Brown explained, “Just those firms will be a major increase of the market.” We anticipate an increase in business and lower prices as a result of new store openings and increased competition.
George Archos, founder and CEO of Verano, expressed satisfaction with the state of New Jersey. Neptune Township became the third location to sell legal marijuana on August 5 after Zen Leaf’s flagship store in Lawrence and Elizabeth.
Emailing NJ Advance Media late on a Friday night, Archos expressed their excitement about the state’s thriving cannabis sector. Given New Jersey’s huge and dense population, strong summer tourism season, and closeness to neighbouring states without existing legal adult use cannabis programmes, the remarkable revenue growth estimates the Cannabis Regulatory Commission revealed from the third quarter are not surprising.
The CRC reports that within the same three-month period, total sales proceeds of $177.7 million were generated through the sale of medicinal cannabis. That sum was also a rise when compared to sales of medical cannabis from April to July.
CRC Chairwoman Dianna Houenou stated in the same release that they are looking forward to seeing local, small company owners take part in this attractive sector. This is being paved through our priority application process and other innovative efforts, such as the New Jersey Business Action Center’s free Cannabis Training Academy, set to debut in early 2023.
There is a 6.625% sales tax on recreational marijuana in Garden State. The bulk of the cannabis tax collected from adults goes toward maintaining and expanding the CRC’s operations and staff.