New Jersey’s legalized market for recreational cannabis continues to grow as sales hit $132.48 million between October and December 2022, according to the state.
For the fourth quarter of the year, the New Jersey Cannabis Regulatory Commission recorded a 13% increase from the $116.57 million in revenue generated from June through September.
When receipts for medicinal cannabis are factored in, sales topped $182.36 million for the period. According to the state, the 23 dispensaries licensed to sell medicinal products pulled in $49.87 million in sales, down from the prior quarter’s total of $61.87 million.
Since the launch of New Jersey’s legalized adult-use market last spring, enrollment in the Medicinal Cannabis Program has steadily declined. Between April 2022 and April 2023, the number of patients seeking medicinal treatment has dropped from 128,548 to 108,760, according to the state.
CRC Executive Director Jeff Brown told NJBIZ, “The sales numbers and tax revenue from New Jersey’s cannabis market are encouraging.”