Sales of adult-use cannabis in New Jersey for the third quarter of 2022 topped $100 million, according to recently released data from state officials. The New Jersey Cannabis Regulatory Commission reported that sales of recreational marijuana from June 2022 through September 2022 totaled $116,572,533, representing a jump of 46% over the previous quarter. Sales of medical cannabis came to $61,138,231 during the same time period, bringing the total for combined medical and recreational marijuana sales to $177,710,764 for Q3 2022.
“New Jersey is only seeing the beginning of what is possible for cannabis” Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission (CRC), said in a statement from the agency. “We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries. Those businesses alone will be a significant growth of the market. With more locations and greater competition, we expect the customer base to grow and prices to come down.”
New Jersey now has 20 dispensaries licensed to sell recreational marijuana, which was legalized with a referendum passed by voters in November 2020. Legislation legalizing commercial cannabis activity was passed by lawmakers the following month, and licensed sales of recreational marijuana began in April 2022.