New Jersey’s cannabis sales have reached over $2 billion since 2018, with a significant boost from the adult-use market launched two years ago, as reported by the state’s top cannabis regulator to lawmakers.
New Jersey Total Cannabis Sales Top $2 Billion Since 2018
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New Jersey’s top cannabis regulator said that licensed cannabis dispensaries in the state have sold more than $2 billion worth of combined medical and adult-use cannabis since 2018, Marijuana Moment reports.
“Since we started this work in 2018, cumulative sales of both medicinal cannabis and recreational cannabis have eclipsed $2 billion,” Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission (CRC), told the Assembly Oversight, Reform and Federal Relations Committee on Thursday.
Additionally, the majority of the sales have taken place since the state’s adult-use cannabis market launched two years ago, Brown said.
“I would love for the CRC to take credit for this, but it’s really the entrepreneurs who have been putting their money, their lives and their dreams on the line to make this happen.” — Brown, via Marijuana Moment
Brown also encouraged lawmakers to consider allowing registered patients to grow their own cannabis plants at home. A medical cannabis home grow proposal was separately introduced to the state Senate last year but did not advance.
There is a 6.625% excise tax on adult-use cannabis products in New Jersey — all taxes on medical cannabis products, meanwhile, were fully repealed by lawmakers as of July 1, 2022.
Earlier this year, New Jersey regulators approved rules to regulate on-site cannabis consumption at properly licensed dispensaries.
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