The Cannabis Regulatory Commission (CRC) in New Jersey recently reported that adult-use cannabis sales have reached $80 million in the first 10 weeks since legalization.The CRC expects this growth to continue, as more businesses are licensed and come online.
In a recent MJBizDaily article, this figure includes sales from the 18 medical marijuana dispensaries that are now licensed to sell recreational cannabis, as well as one location in Montclair that is owned by Ascend Wellness which the state approved. However, they are waiting for a local license.
This growth is a positive sign for the cannabis industry in New Jersey and should result in increased tax revenue for the state. It will also create jobs and support local businesses.
According to Ganjapreneur, Jeff Brown, executive director of the Cannabis Regulatory Commission (CRC), said that New Jersey’s adult-use cannabis market is performing as regulators expected “with the current number of dispensaries, the spread of locations, and the high prices. So far, tax revenues derived from sales have totaled $4,649,202 during the first 10 weeks of legal sales, including $219,482 in Social Equity Excise Fees.