New Jersey state officials recently offered an optimistic outlook on the recreational cannabis market.
“The market is improving,” New Jersey Cannabis Regulatory Commission Executive Director Jeff Brown said. “It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices. 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.”
Officials reported tax revenue from sales of recreational cannabis in New Jersey from April 21, representing the market opening through to the end of June, totaling $4,649,202. The amount included $219,482 in Social Equity Excise Fees and based on $79,698,831 in total sales on recreational cannabis in licensed cannabis businesses statewide.
“New Jerseyans are looking forward to supporting new businesses, which will increase sales figures and generate more revenue to be reinvested in our communities,” Cannabis Regulatory Commission Chair Dianna Houenou 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.”
The demand for medicinal cannabis continues to be strong, and the state is committed to ensuring patient access.