From July 2022 through June 2023, New Jersey dispensaries sold more than $734 million in cannabis products, according to statistics from the New Jersey Cannabis Regulatory Commission. The vast majority of sales came from recreational marijuana customers, who spent over $555 million.
The sales growth comes as the number of dispensaries in New Jersey has continued to grow exponentially. Twelve dispensaries opened for recreational sales during the first and second quarters of 2023, during which sales grew about 10% per quarter.
Twenty new dispensaries opened for recreational sales in the third quarter alone. It took nearly a year for 20 dispensaries to open from June 2022 to June 2023.
The adult use and medical markets are heading in opposite directions. Medical cannabis sales have plummeted over 44% since April 2022, when adult use cannabis sales officially began. Meanwhile, adult use sales have increased by almost 40%.
New Jersey medical marijuana patients spent about $178 million during the yearlong period.