Recreational Cannabis Sales In New Jersey Indicate Lots Of Room In The Market To Grow
“We are issuing awards to start new businesses on their path to operation”
Tax revenue from sales of recreational cannabis in New Jersey from April 21, when the market opened, through to the end of June totaled $4,649,202. That amount includes $219,482 in Social Equity Excise Fees and is based on $79,698,831 in total sales on recreational cannabis in licensed cannabis businesses across the state.
“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better.”
Dianna Houenou, chair of the Cannabis Regulatory Commission also sees promise in the numbers. “New Jerseyans are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities,” she said. “We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”
After a small decline to $55,838,072 in the first quarter of 2022, total sales for medicinal cannabis have ticked up to $59,262,014, which is more in line with sales figures the last quarter of 2021.
Brown reiterated patients are the NJ-CRC’s priority. “The demand for medicinal cannabis continues to be strong and we are committed to ensuring access for patients.”
Tax revenue certifications come from the New Jersey’s Department of the Treasury Division of Revenue and Enterprise Services.
The New Jersey Cannabis Regulatory Commission establishes and enforces the rules and regulations governing the licensing, cultivation, testing, selling, and purchasing of cannabis in the state.
