New Jersey state officials are espousing the benefits of recreational and medicinal cannabis sales, noting 2022 third-quarter recreational cannabis sales totaled over $100 million.
“New Jersey is only seeing the beginning of what is possible for cannabis,” New Jersey Cannabis Regulatory Commission Executive Director Jeff Brown said. “We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries. Those businesses alone will be a significant growth of the market. With more locations and greater competition, we expect the customer base to grow and prices to come down.”
Recreational cannabis sales receipts for July 2022 to September 2022 totaled $116,572,533, with the inclusion of medicinal cannabis sales increasing the third quarter sales receipts total to $177,710,764.
“We are looking forward to seeing local, small business owners participate in this lucrative market,” New Jersey Cannabis Regulatory Commission Chairwoman Dianna Houenou said. “Our priority application process, as well as new initiatives like the no-cost Cannabis Training Academy being launched by New Jersey Business Action Center in early 2023, are paving that path for them to be included.”
There are 20 New Jersey dispensaries selling recreational cannabis, with 10 additional sites selling medicinal cannabis to registered patients only.