NJ Marijuana Sales Update: ‘Market Is Improving,’ Official Says

NEW JERSEY — New Jersey saw about $4.6 million in tax revenue in the nine weeks after the first day of legal marijuana sales began, state officials reported Friday.

Tax revenue from sales of recreational cannabis in New Jersey from April 21, when the market opened, through to the end of June totaled $4,649,202. That amount includes $219,482 in Social Equity Excise Fees and is based on $79,698,831 in total sales on recreational cannabis in licensed cannabis businesses across the state, according to the New Jersey Cannabis Regulatory Commission (NJCRC).

After a small dip to $55,838,072 in the first quarter of 2022, total sales for medicinal cannabis have ticked up to $59,262,014, which is more in line with sales figures for the last quarter of 2021, officials said.

“The market is improving,” NJCRC Executive Director Jeff Brown said. “It is performing as we expect with the current number of dispensaries, the spread of locations and the high prices.”

“As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition,” Brown added. “The market will do even better.”

As state officials have said in the past, residents who are registered in the state’s medical marijuana program will continue to have priority, Brown said.

“The demand for medicinal cannabis continues to be strong and we are committed to ensuring access for patients,” he said.

Dianna Houenou, chair of the Cannabis Regulatory Commission, also said she sees promise in the latest round of numbers.

“New Jerseyans are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities,” Houenou said. “We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”

• See related article: New Jersey Marijuana Sales Began 'On Par' With Other States
• See related article: Flaw In NJ Marijuana Law Is Jacking Up Prices, Expert Says
• See related article: NJ Sees More Than 12K Customers On First Day Of Legal Weed Sales

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