New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping $100 Million For First Time, State Reports

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

The post New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping $100 Million For First Time, State Reports appeared first on GrowCola.com.

New Jersey adult-use marijuana sales exceeded $100 million for the first time in the third quarter of the 2022 fiscal… Continue reading
The post New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping $100 Million For First Time, State Reports appeared first on GrowCola.com. 

Leave a Reply

Your email address will not be published. Required fields are marked *

× Whatsapp