New Jersey’s state government recently announced its cannabis market surpassed US$1 billion (A$1.608 billion) in combined medicinal and recreational cannabis sales in 2024.
This marks an almost 25% increase from the previous year’s total of around US$800 million and highlights the robust growth of New Jersey’s regulated cannabis industry.
Since the start of adult-use cannabis sales in April 2022, New Jersey’s cannabis market has generated more than $2 billion in total revenue.
Sales have enabled an expanding number of licensed dispensaries across the state (more than 190 locations), and a steadily increasing demand for safe, regulated cannabis products.
“We are proud of the remarkable growth achieved in 2024, which highlights the growing trust consumers have in New Jersey’s regulated cannabis market and the economic opportunities it provides for businesses of all sizes and classes,” said The New Jersey Cannabis Regulatory Commission (NJ-CRC) Acting Executive Director Christopher Riggs.
The state saw its biggest single day of sales in 2024 on Green Wednesday - a marijuana “holiday” that falls the day before Thanksgiving Day. Green Wednesday sales totaled $6,003,300.
As of the end of the last official quarterly report in September, recreational cannabis sales had totalled $789,848,253, generating tax revenue of $43,290,543.
“By prioritising equity and inclusion and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like,” said NJ-CRC Chair Dianna Houenou.
Since 2022, a total of $6,140,461 has been collected to support education, economic development, and social services for individuals and communities negatively impacted by cannabis criminalisation.
In just the third quarter of 2024, Social Equity Excise Fees collected were nearly $1 million.
In 2025, more than 200 dispensaries are expected to be in operation, with a greater variety of cannabis and legal weed flower available to the public.
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