New Jersey Sets $116M Record for 3rd Quarter Cannabis Sales

New Jersey adult-use cannabis shops sold $116,572,533 worth of cannabis products from July 2022 to September 2022, according to receipts reported by the New Jersey Cannabis Regulatory Commission (NJ-CRC). If medical sales are included, the state’s record $116+ million in third-quarter cannabis sales jumps to more than $177 million, regulators said.

There are 20 dispensaries in New Jersey that are licensed for recreational cannabis sales and are currently serving customers with another 10 licensed for just medical sales.

“New Jersey is only seeing the beginning of what is possible for cannabis. 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.” — ” Jeff Brown, NJ-CRC executive director, in a press release

“We are looking forward to seeing local, small business owners participate in this lucrative market,” NJ-CRC Chairwoman Dianna Houenou said via press release. “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.”

New Jersey’s adult-use cannabis sales officially launched in April and the market topped $24 million during its first month.

Earlier this month, NJ-CRC set the stage for further market expansions by approving regulations for cannabis consumption lounges in the state.