New Jersey’s adult-use cannabis market is still getting going, but that didn’t stop a handful of licensed retailers grandfathered in from the medical program from recording more than a half billion dollars in cannabis sales for 2022.
With nearly $329 million in adult-use sales since the state's launch last April, and more than $226 million in medical sales, New Jersey’s licensed retail market cashed in $555 million altogether in 2022, according to recently released figures from the state’s Cannabis Regulatory Commission (CRC).
In the fourth quarter of 2022, total cannabis sales were $182.4 million, a 2.6% increase over the previous quarter, but adult-use sales specifically increased 13.6% quarter-over-quarter, according to the CRC.
For the year, adult-use cannabis taxes at retail provided New Jersey with more than $20 million in state revenue.
These figures came despite the marketplace including adult-use dispensary licenses for only eight multistate operators in 2022: Acreage Holdings (The Botanist); Ascend Wellness; Ayr Wellness (Garden State Dispensary); Columbia Care (The Cannabist); Curaleaf; Green Thumb Industries (RISE); TerrAscend (Apothecarium); and Verano (Zen Leaf).