Customer turnout, cross-border demand drive consumption up in the first three months of legal adult-use sales.
A tidal wave of demand for pot in New Jersey is driving promising numbers for operators in the new adult-use cannabis market, according to a report from cannabis data firm BDSA.
Monthly sales growth in the state outpaced other adult-use markets tracked by the firm despite having one of the lowest per capita retail counts in the pool. BDSA estimated a compounded monthly growth rate of roughly 10% through July versus Illinois’ rate of 3% in its first three full months of adult-use sales.
The boost is being driven by strong customer turnout, “which is even more impressive considering the current macroeconomic situation and limited legal access in the state,” according to BDSA CEO Roy Bingham.
Since recreational cannabis launched in April, New Jersey reported approximately $200 million in legal sales.