New Jersey is known for lagging behind other states with medical cannabis, mainly due to its shortage of dispensaries, Zuanic said.
To overcome the issue, the state would need to significantly increase the number of stores and legalize recreational use, the analyst said.
"So, a key complaint from the conference participants was about lack of supply, long lines, high prices, and distant stores (seven for the entire state at present)."
The seven stores that are operating in New Jersey are owned by Curaleaf CURLF 5.2%, Acreage ACRGF 23.96%, Green Thumb GTBIF 11.5% and four private companies, according to Cantor.
It is expected that four more will open soon that include TerrAscend TRSSF 7.69%, iAnthus ITHUF 11.97% subsidiary MPC, Columbia Care CCHWF 9.84% and Verano.
While New Jersey could see 11 stores in total by this summer, that number is still very low compared to other states, representing 1.2 stores per 1 million people, Zuanic said.