New Jersey Marijuana Sales Top $1 Billion Mark For 2024, State Officials Announce

New Jersey marijuana sales have officially exceeded $1 billion for 2024, regulators announced on Monday.

The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, as of Saturday, combined recreational and medical marijuana purchases reached $1,004,826,946—marking a 25 percent increase over 2023’s total.

Since the adult-use market launched in April 2022—and the number of licensed dispensaries surpassed 190—the state has seen more than $2 billion in cannabis sales.

“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,” NJ-CRC Acting Executive Director Christopher Riggs said in a press release. “This momentum sets a solid foundation for continued success in the years ahead.”

The single biggest day of sales took place on what’s known as “Green Wednesday,” an unofficial holiday the day before Thanksgiving. New Jersey marijuana purchases totaled $6,003,300 on Green Wednesday alone. That slightly surpassed purchases on 4/20, which came in at $5,811,632.

Regulators also noted that, as of the end of the last quarter in September, “recreational cannabis sales had totaled $789,848,253, generating tax revenue of $43,290,543.”

Since the launch of adult-use marijuana sales in April 2022, the market has generated more than $2 billion in total revenue for state coffers, CRC said.

Meanwhile, the commission also recently approved rules to raise a fee on cannabis that supports the state’s social equity program. And it also announced the process for applying to become a licensed marijuana consumption lounge.

“The continued growth of New Jersey’s cannabis market reflects our dedication to creating a marketplace that benefits everyone—consumers, businesses, and communities alike,” NJ-CRC Chair Dianna Houenou said in a press release on Monday about the 2024 sales milestone. “By prioritizing equity and inclusion and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like.”

The commission’s executive director, Jeff Brown, had predicted that the state would hit the $1 billion sales mark by the end of the year in an interview with Marijuana Moment earlier this year.

“This year will be two years since we authorized legal sales in 2022. And as this market develops, we’re seeing more small businesses, independent businesses, get operational—retailers, cultivators and manufacturers,” he said. “So the market is becoming more diverse and we’re starting to see this growing competitive market with more competitive prices as well.”

Regulators have also stressed that they will not be letting the state’s medical cannabis system fall by the wayside even as they work to support the burgeoning recreational market. To that end, the commission eliminated the cost of obtaining a medical cannabis card.

Gov. Phil Murphy (D) has been a vocal supporter of the industry, and his office released a video in August of a tour he recently did at a marijuana business owned by a social equity licensee, who showed the top state official that he’s now growing a strain he was previously arrested with before being able to enter the legal marketplace.