Adult-use cannabis sales in New Jersey reached nearly $80 million during the first 10 weeks, from April 21 – the first day of sales – through June, according to the state Cannabis Regulatory Commission (CRC). Tax revenues derived from sales totaled $4,649,202 including $219,482 in Social Equity Excise Fees, the agency said.
Jeff Brown, CRC executive director, said New Jersey’s adult-use market is performing as regulators expected “with the current number of dispensaries, the spread of locations, and the high prices.”
“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.” — Brown in a press release
Dianna Houenou, chair of the CRC, said the agency is working to get more adult-use businesses licensed and “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.”
“New Jerseyans are looking forward to supporting new businesses,” she said, “which will increase sales figures and generate more revenue to be reinvested in our communities.”
Medical cannabis sales increased following the launch of adult-use sales after experiencing a small decline in the first quarter of the year, from $55,838,072 to $59,262,014, which the agency said represents totals “more in line with sales figures” in the last quarter of 2021.
Brown said regulators “are committed to ensuring access for patients,” adding that “the demand for medicinal cannabis continues to be strong.”
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