In the third quarter of the fiscal year 2022, New Jersey reported that sales of marijuana for both medical and recreational use had topped $177,710,764 according to a report by Marijuana Moment.
Sales for adults increased by 46 percent from the previous quarter’s total of $79,698,831, according to the New Jersey Cannabis Regulatory Commission (NJ-CRC).
A rise from the second quarter’s $59,262,014 to the third quarter’s $61,138,231 can be seen in the medical marijuana industry. The recreational market in the state, however, was the primary driver of growth.
“We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries,” Executive Director of The New Jersey Cannabis Regulatory Commission Jeff Brown said in a statement.
“Those businesses alone will be a significant growth of the market. With more locations and greater competition, we expect the customer base to grow and prices to come down.”
At the end of April, the state’s legal adult-use market opened, and in the first 10 weeks of sales, the state collected about $5 million in marijuana tax money. Compared to Q1, before recreational sales began, Q3 2022 sales are more than three times as high as reported in Marijuana Moment.