New Jersey adult-use marijuana sales exceeded $100 million for the first time in the third quarter of the 2022 fiscal year, with combined medical and recreational cannabis purchases totaling $177,710,764, the state reported on Friday.
The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, between July and September, adult-use sales reached $116,572,533—a 46 percent increase from the prior quarterly total of $79,698,831.
Medical marijuana sales increased slightly, from $59,262,014 in the second quarter to $61,138,231 in the third quarter. But the overall increase was primarily attributable to the state’s burgeoning recreational market.
Via NJ-CRC.
“New Jersey is only seeing the beginning of what is possible for cannabis,” NJ-CRC Executive Director Jeff Brown said in a press release. ”
“We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries,” Brown said. “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.”
The state’s adult-use market officially launched in late April, and officials reported taking in nearly $5 million in marijuana tax revenue from the first 10 weeks of sales alone. The sales total
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