New Jersey’s cannabis market has been soaring to new heights alongside the state’s unidentified aerial phenomena.
On Monday, the New Jersey Cannabis Regulatory Commission (NJCRC) announced that the 2024 marijuana sales total had surpassed US$1 billion. This sum has provided US$43.2 million in tax revenue. Recreational bud in particular has been gaining popularity since the state’s adult-use market opened during the second quarter of 2022.
This is clearly evident considering the 25 per cent year-over-year sales increase. New Jersey only raked in US$800.2 million from medical and adult-use cannabis last year.
The state now has over 190 dispensaries in Atlantic City, Elizabeth, Newark and elsewhere. Wu-Tang Clan hip-hop artist Raekwon the Chef just opened up the “Hashstoria” pot shop in downtown Newark as several others continue to open their doors.
“As this market develops we’re seeing more small businesses, independent businesses, get operational,” NJCRC Executive Director, Jeff Brown, told Marijuana Moment earlier this year. “Retailers, cultivators and manufacturers.”
Green Wednesday was New Jersey’s top sales day in 2024, generating over US$6 million within 24 hours. This American reefer holiday before the Thanksgiving weekend has been continually gaining popularity. In the United States this year, consumers bought 91 per cent more marijuana merchandise than your average hump day.
“Fresh pre-rolls burning and tinctures for sleeping, brownies to savor; calories don’t matter,” the NJCRC said in what appears to be a “The Sound of Music”-themed social media post a couple weeks ago. “Topicals soothing for aches and back pains — these are a few of our favorite things.”
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New Jersey sits in spot #7
Although the state’s weed spending has been increasing significantly, its 2024 total is still minuscule compared to others.
California has generated over US$5 billion this year from medical and recreational pot. Michigan is also a major contributor to the nation’s marijuana sales total and has pulled over US$3 billion.
Behind those two states and above New Jersey we have Illinois, Colorado, Massachusetts and Washington, respectively.
Despite the growing sales revenue from pot, nearly 70 per cent of New Jersey towns do not allow distribution within their jurisdiction.
rowan@mugglehead.com
