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From July 2022 through June 2023, New Jersey dispensaries sold more than $734 million in cannabis products, according to statistics from the New Jersey Cannabis Regulatory Commission. The vast majority of sales came from recreational marijuana customers, who spent over $555 million.
The sales growth comes as the number of dispensaries in New Jersey has continued to grow exponentially. Twelve dispensaries opened for recreational sales during the first and second quarters of 2023, during which sales grew about 10% per quarter.
The Raritan Borough Council will introduce and vote on an ordinance allowing the sale of medical cannabis and prohibiting the sale of recreational cannabis for adults in the borough at their next council meeting.
The decision continues to be pushed from previous meetings.
There is a need to craft borough specific rules surrounding the sale of recreational cannabis by August following the enactment of the law that legalized recreational use of cannabis for adults in New Jersey. State municipalities were granted 180 days to draft regulations for their town.
Publicly traded multi-state operators (MSOs) play a big role aleready in the New Jersey medical cannabis market. Last month, the state added 2 permits, bringing the total number of Alternative Treatment Centers to 11 with the additions of Zen Leaf (Verano New Jersey) in Elizabeth and Columbia Care (NEO: CCHW) (CSE: CCHW) (OTC: CCHWF) in Vineland.
The other nine centers include:
Under the leadership of the new CEO, Jason Ackerman, TerrAscend’s strategic expansion of its stateside operations, including Ilera Healthcare and The Apothecarium in Pennsylvania, represented more than half of the Company’s first quarter net sales. TerrAscend plans to build off its current growth momentum by opening two new Apothecarium retail locations in Pennsylvania and expanding into New Jersey’s lucrative medical market in the upcoming quarter.
New Jersey is known for lagging behind other states with medical cannabis, mainly due to its shortage of dispensaries, Zuanic said.
To overcome the issue, the state would need to significantly increase the number of stores and legalize recreational use, the analyst said.
"So, a key complaint from the conference participants was about lack of supply, long lines, high prices, and distant stores (seven for the entire state at present)."
New Jersey: 24 dispensary licenses face legal challenges.
- 2019 dispensary sales: $95 million-$120 million (MJBizDaily estimate).
- State of the market: New Jersey has only seven dispensaries serving 60,000 patients.
- What’s happening: Expanding the state’s medical marijuana market was Plan B after an effort to legalize adult-use cannabis stalled last year. But 24 additional dispensary licenses are being held up because of court challenges.
- Potential business impact: Market growth will be constrained until new dispensaries come online.