From July 2022 to September 2022, New Jersey recreational cannabis sales totaled $116.5 million. This marks a 46% increase from the $79.7 million in revenue generated from April 21 – when the adult-use marketplace opened – through June, according to the New Jersey Cannabis Regulatory Commission (CRC).
The figure increases to $177.7 million when you factor in medicinal sales from that same time period.
There are now 20 dispensaries in New Jersey selling recreational cannabis, and another 10 that sell medicinal cannabis to registered patients only.
According to CRC Executive Director Jeff Brown, New Jersey is only seeing the beginning of what is possible for cannabis.
“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,” Brown says.
Overall, cannabis in New Jersey is expected to grow into a more than $2 billion a year industry by 2026.