New Jersey collected more than $4.6 million in tax revenue in the first 10 weeks of legal weed sales in the Garden State.
Nearly $79.7 million in total sales of recreational marijuana was recorded between April 21 and June 30, the end of the second fiscal quarter, according to the New Jersey Cannabis Regulatory Commission and state Treasury Department.
More than $59.2 million in medical marijuana was sold during the same quarter.
“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices,” CRC Executive Director Jeff Brown said in a statement. “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.”