New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping $100 Million For First Time, State Reports

New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping 0 Million For First Time, State Reports
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New Jersey adult-use marijuana sales exceeded $100 million for the first time in the third quarter of the 2022 fiscal year, with combined medical and recreational cannabis purchases totaling $177,710,764, the state reported on Friday. The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, between July and September, adult-use sales reached $116,572,533—a 46 percent increase from the prior quarterly total of $79,698,831. Medical marijuana sales increased slightly, from $59,262,014 in the second quarter to $61,138,231 in the third quarter. But the overall increase was primarily attributable to the state’s burgeoning recreational market. Via NJ-CRC. “New Jersey is only seeing the beginning of what is possible for cannabis,” NJ-CRC Executive Director Jeff Brown said in a press release. ” “We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries,” Brown said. “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.” The state’s adult-use market officially launched in late April, and officials reported taking in nearly $5 million in marijuana tax revenue from the first 10 weeks of sales alone. The sales total for Q3 2022 is more than three times as high as Q1, before recreational sales started. “We are looking forward to seeing local, small business owners participate in this lucrative market,” NJ-CRC Chairwoman Dianna Houenou said. “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.” Another way the industry is expected to expand is with the approval of licenses for “public cannabis consumption areas” providing a social use option to adults and patients. Regulators…

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Source : New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping 0 Million For First Time, State Reports

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