New Jersey Recreational Pot Sales Hit $24 Million in the First Month

New Jersey Recreational Pot Sales Hit Million in the First Month
High Times

New Jersey state officials announced this week that purchases of recreational cannabis hit $24 million in the first month of sales, despite only a dozen stores being licensed to sell adult-use cannabis. The New Jersey Cannabis Regulatory Commission, the state’s marijuana regulatory agency, also revealed on Tuesday that six more dispensaries will be authorized to sell recreational cannabis soon, increasing the number of retailers statewide by half. “It’s really only a beginning, and I think it shows that there’s a lot of growth left in this market,” said Jeff Brown, the commission’s executive director. New Jersey voters approved a referendum to legalize recreational cannabis in 2020, and state lawmakers approved legislation to regulate the state’s adult-use market in August 2021. On April 11, the commission announced that it had authorized seven companies to begin sales of recreational pot at a total of 13 dispensaries. On April 21, sales began at 12 of the locations, with the last launching adult-use cannabis about two weeks later. At a meeting of the commission on Tuesday, officials said that the first month’s sales total of $24 million will surely increase as more licensed businesses begin operations. “We do anticipate that this will ramp particularly as new dispensaries are approved, new cultivators are approved, and a lot of the conditional applicants that we have approved are able to come back and convert to annual licenses and begin operating,” Brown said. Retail Pot Market Just Getting Started Sharon Ali, Mid-Atlantic regional general manager at multi-state cannabis cultivator and retailer Acreage Holdings, agreed that New Jersey’s legal recreational weed market is just getting started. “With only twelve operational adult-use dispensaries open, New Jersey has already seen $24 million in sales—a strong indicator of incredible potential as more adult-use retailers are approved,” Ali wrote in an email to High…

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