New Jersey’s adult-use cannabis market has experienced surging growth since it launched in April 2022.
Recreational cannabis sales in New Jersey totaled $789.8 million in 2024, and the number of retailers has proliferated, giving the multistate operators who were first in the market some serious competition.
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With the influx of new operators, primarily small independent retailers, multistate operators are facing the challenge of maintaining market share as the market diversifies and pricing pressures mount.
“From an MSO perspective, first-mover advantage was powerful, but we’re very excited about the new entrants,” said Richard Proud, CEO of New York-based iAnthus Capital Holdings.
“It forces everyone to compete on product quality.”
New Jersey’s adult-use market by the numbers
New Jersey’s recreational market opened on April 21,
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