On Thursday, adult-use marijuana sales will become legal in the Garden State — opening the doors to what analysts believe could be a $2 billion market by 2025. It’s been a long wait for New Jersey’s proponents of recreational cannabis: Voters in the state first approved a ballot measure legalizing recreational marijuana sales in Nov. 2020, and Gov. Phil Murphy signed the bill into law in Feb. 2021.
There are currently 23 existing medical cannabis dispensaries in New Jersey, and those that have been operational for at least one year can apply for licensure to serve both patients and adult-use customers under the cannabis legislation that was signed last year.
These medical dispensaries will likely be the first to sell to the recreational market once they complete a transition guidance document and get approval from the CRC.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, today announced the opening of Curaleaf Edgewater Park, the Company's second dispensary in New Jersey and 107th dispensary nationwide.
“IMO, the growth we’re seeing right now in the industry is part of a longer-term trend, of more consumers entering the category. Incredibly optimistic about our future,” Joe Bayern, CEO of Curaleaf, tweeted.
The Wakefield, Massachusetts-based cannabis company, which is listed in Canada and trades over the counter in the U.S., had record revenue of $260 million for the first quarter, a growth of 170% year over year, according to a release.