By Joshua Burd
Sales of recreational cannabis in New Jersey rose to more than $100 million in the third quarter, showing the potential of a market that launched less than eight months ago.
According to the New Jersey Cannabis Regulatory Commission, receipts from July to September 2022 totaled about $116.6 million. That’s up from $79.7 million in the second quarter, not including the first 20 days of April, before the launch of legal adult use cannabis sales in the state.
Including medicinal marijuana, overall sales in Q3 totaled $177.7 million, the CRC said. The commission added that there are now 20 dispensaries in New Jersey selling recreational cannabis, with another 10 that are restricted to medicinal sales to registered patients only.
“New Jersey is only seeing the beginning of what is possible for cannabis,” said Jeff Brown, the commission’s executive director. “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.”
State officials touted the 46 percent increase in recreational sales as a strong sign of what’s to come for the nascent industry, following the launch of the market on April 21. Real estate experts have long predicted that legalized adult use cannabis could spark new opportunities for property owners, including retail landlords, and additional demand for already-scarce industrial space in New Jersey.
“We are looking forward to seeing local, small business owners participate in this lucrative market,” CRC 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.”
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