New Jersey Has Sold $2 Billion Worth Of Legal Weed In Past 6 Years

NEW JERSEY — What does $2 billion worth of weed look like? In New Jersey it looks like success, according to state officials, who recently released an update about legal cannabis sales totals over the past six years.

According to the New Jersey Cannabis Regulatory Commission (NJCRC), the state’s legal cannabis market – which includes recreational and medical sales – topped $800 million in 2023.

Added to 2022 sales figures - $555,654,794 – and year-to-date sales in 2024, the burgeoning market has now earned more than $1.3 billion since the beginning of recreational cannabis sales in April 2022.

And that means some serious revenue for the state, officials said.

Sales tax on recreational cannabis and cannabis products resulted in almost $62 million added to the state’s coffers since 2022, according to the NJCRC.

Meanwhile, legal cannabis sales have generated nearly $4 million in Social Equity and Excise Fees, which came out to about $1.52 per ounce in 2023. Under state law, the fees can only be spent on “social equity investments” such as education, economic development, social services and legal aid.

There is no state tax on medicinal cannabis.

The board’s executive director, Jeff Brown, said that the market has grown steadily since Gov. Phil Murphy took office in 2018, taking over for the staunchly anti-legalization former Gov. Chris Christie – who once called the idea of legalizing weed “stupid.”

“These are early signs of the potential of this market,” Brown said. “If we consider medicinal cannabis sales from 2018 to 2021 – before recreational sales began – cannabis sales totals exceed $2 billion over the six-year span.”

• See Related: Christie Calls N.J. Marijuana Legalization 'Stupid'

The outlook for the rest of the year is looking just as green, according to the NJCRC. More than 100 medicinal and recreational cannabis dispensaries across the state – including small, local operators – are expected to see sales beyond $1 billion in 2024.

• See Related: NJ Now Has 100 Weed Dispensaries (Here's Where To Find Them)
• See Related: New Jersey Clears Way For Weed Lounges, Cannabis Consumption Areas

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