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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.<\/p>\n
The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, between July and September, adult-use sales reached $116,572,533\u2014a 46 percent increase from the prior quarterly total of $79,698,831.<\/p>\n
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\u2019s burgeoning recreational market.<\/p>\n
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<\/p>\nVia NJ-CRC.<\/p>\n<\/div>\n
\u201cNew Jersey is only seeing the beginning of what is possible for cannabis,\u201d NJ-CRC Executive Director Jeff Brown said<\/a> in a press release. \u201d<\/p>\n \u201cWe have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries,\u201d Brown said. \u201cThose 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.\u201d<\/p>\n The state\u2019s adult-use market officially launched in late April, and officials reported taking in nearly $5 million in marijuana tax revenue<\/a> from the first 10 weeks of sales alone. The sales total for Q3 2022 is more than three times as high as Q1, before recreational sales started.<\/p>\n \u201cWe are looking forward to seeing local, small business owners participate in this lucrative market,\u201d NJ-CRC Chairwoman Dianna Houenou said. \u201cOur priority application process as well as new initiatives like the no-cost Cannabis Training Academy being launched by New Jersey Business Action Center in early 2023 are paving that path for them to be included.\u201d<\/p>\n Another way the industry is expected to expand is with the approval of licenses for \u201cpublic cannabis consumption areas\u201d providing a social use option to adults and patients. Regulators approved rules for that license type<\/a> earlier this month.<\/p>\n New Jersey Gov. Phil Murphy (D) also recently said that the state should \u201crevisit\u201d its current criminalization<\/a>\u00a0of homegrown marijuana for personal use\u2014but he thinks that conversation should happen at a later point after the commercial market has matured.<\/p>\n Meanwhile, a New Jersey Assembly committee approved a bill this month to provide state-level protections for banks and insurers<\/a> that work with licensed marijuana businesses.<\/p>\n The full Assembly approved a bill in October\u00a0that would allow licensed marijuana businesses to deduct certain expenses on their state tax returns<\/a>, a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E.<\/p>\n A bill filed by Senate President Nicholas Scutari (D) over the summer would separately authorize the governor to enter into agreements for interstate marijuana commerce<\/a>\u00a0with other states that have legalized cannabis. However, the agreements could only be forged if federal law changes, or if the Justice Department issues guidance permitting such activity.<\/p>\n The Senate president separately\u00a0filed legislation to legalize psilocybin in New Jersey<\/a>, and it includes provisions that would allow people to cultivate the psychedelic at home.<\/p>\n Teen Marijuana Use Remained Stable In 2022, Despite More States Legalizing And Lifting Of Pandemic Restrictions<\/a><\/p>\n<\/blockquote>\n\n Photo courtesy of WeedPornDaily<\/a>.<\/em><\/p>\n The post New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping $100 Million For First Time, State Reports<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
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 salesContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":59506,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335,18],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/59505"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=59505"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/59505\/revisions"}],"predecessor-version":[{"id":59507,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/59505\/revisions\/59507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/59506"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=59505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=59505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=59505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nRead More: New Jersey Adult-Use Marijuana Sales Jumped In Latest Quarter, Topping 0 Million For First Time, State Reports<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"