New Jersey marijuana shops sold a record $201 million worth of product in the first quarter of 2024, regulators say. And the state also reached new “historical highs” in sales over the 4/20 weekend, including more than $5.2 million worth of purchases on the holiday alone.
The New Jersey Cannabis Regulatory Commission (CRC) announced on Thursday that first quarter sales from January to March were up 38 percent compared to the same time period last year. They attribute that in part to the expansion of retailers in the state, which grew from 96 to 130 over the course of the year.
“The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” CRC Executive Director Jeff Brown said in a press release. “We anticipate that as even more dispensaries open across the state, new brands are introduced to the market, and cannabis becomes less stigmatized, sales numbers will continue to go up.”
New Jerseyans spent $4,028,365 on adult-use cannabis on April 19, then beat that record with $5,219,294 on the marijuana holiday 4/20 itself. The weekend wrapped up with about $12.5 million in recreational and medical cannabis sales combined.
Brown, who recently predicted the state would hit a $1 billion milestone for annual marijuana sales this year, said regulators are “very excited to see all the new, local businesses that have come online and are able to participate in this thriving market.”
“I’m particularly proud that we have been able to support this progress while remaining committed to fairness, equity, and safety,” he said.
Brown also told Marijuana Moment in March that New Jersey “can be and will be the premier cannabis market on the East Coast.”
CRC Chair Dianna Houenou said the “rising sales figures demonstrate a shift in consumer behavior as more people are choosing the safety and reliability of the regulated market over untested or questionable products.”
Regulators also celebrated in March after reaching $2 billion in marijuana sales since the market launched in 2018, as well as the opening of more than 100 retailers statewide.
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CRC officials have also stressed that they will not be letting the medical cannabis system fall by the wayside even as they work to support the burgeoning recreational market. To that end, the commission recently eliminated the cost of obtaining a medical cannabis card.
In January, CRC also approved final rules to allow marijuana consumption lounges in the state where people could buy and use cannabis products on-site. And as that’s rolled out, advocates are hoping lawmakers will take steps to authorize home cultivation—a policy that Brown has encouraged the legislature to consider.
For the time being, however, home cultivation remains a felony in New Jersey, spurring lawmakers and activists to push for a change.
Meanwhile, regulators have also solicited input on how to distribute $3 million in revenue from a social equity tax on cannabis cultivators.
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The post New Jersey Set A New Marijuana Sales Record Last Quarter, With Regulators Touting ‘Historical Highs’ On 4/20 Weekend appeared first on Marijuana Moment.
