More NJ Dispensaries Approved To Sell Recreational Marijuana

NEW JERSEY — New Jersey officials have given the greenlight to several more alternative treatment centers to sell recreational cannabis.

The New Jersey Cannabis Regulatory Commission (NJCRC) gave an update about licensing and sales at its Tuesday meeting, noting that the following companies have been approved to begin personal-use sales to adults:

• Ayr Wellness – Woodbridge, Union, Eatontown
• Ascend Wellness – Montclair
• TerrAscend – Lodi

All five locations have been certified to have an adequate supply of cannabis for their patients with medical marijuana cards, who must be prioritized – a state requirement.

Business license applications which are approved must go through further processing before they are permitted to open and operate.

It’s still unclear when some of the newly approved dispensaries will open their doors to the general public, although Garden State Dispensary (owned by Ayr Wellness) is expected to begin recreational sales in the next few weeks. Read More: Eatontown Pot Shop Can Now Sell Recreational Weed, Too

“We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” Ayr CEO Jonathan Sandelman said in a news release on Tuesday.

“To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state,” Sandelman said.

Another dispensary, Curaleaf’s location in Edgewater Park, was part of the initial group of 13 that were cleared to sell recreational cannabis in April. After seeing a delay due to additional zoning/construction work, Curaleaf said it plans to begin recreational sales on Wednesday.

The New Jersey medical marijuana dispensaries that have already opened their doors to the public for recreational sales are located in:

• Curaleaf – Bellmawr
• Verano (Zen Leaf) – Elizabeth, Lawrence
• GTI (Rise) – Bloomfield, Paterson
• Columbia Care – Deptford, Vineland
• Acreage – Egg Harbor, Williamstown
• TerrAscend – Maplewood, Phillipsburg
• Ascend Wellness – Rochelle Park

The list of dispensaries currently permitted to sell recreational cannabis can be found through the 'Find a dispensary' link on the NJCRC website.

SALES UPDATE: $24 MILLION IN 1 MONTH

The NJCRC also gave an update about sales during their Tuesday meeting.

According to the commission, over the first month of recreational cannabis sales in New Jersey – which took place from April 21 to May 21 – total sales clocked in at $24.2 million. There were a total of 212,433 transactions, averaging about $114 each.

It remains to be seen how much tax revenue the state will eventually see when sales begin on a wider basis. The state sales tax of 6.625 percent is applied to recreational marijuana purchases. Local municipalities are able to enact an additional sales tax up to 2 percent.

In 2017, Roseland-based law firm Brach Eichler estimated that if New Jersey embraced an "aggressive privatization" of the cannabis industry, it could bring up to $1 billion to the state within the first year of legalization. Read More: Legal Marijuana Could Bring New Jersey $1B In 1st Year, Law Firm Says

A 2019 report from the Office of Legislative Services estimated that New Jersey could generate revenues up to $126 million annually from a sales and use tax once a cannabis market is established. Some advocates have argued that the total could be even higher, setting their own estimates at roughly $300 million.

• Read More: $2M Of Weed: NJ Sees More Than 12K Cannabis Customers On First Day Of Sales

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