New Jersey marijuana sales have officially exceeded $1 billion for 2024, regulators announced on Monday.<\/p>\n
The New Jersey Cannabis Regulatory Commission (NJ-CRC) said that, as of Saturday, combined recreational and medical marijuana purchases reached $1,004,826,946\u2014marking a 25 percent increase over 2023\u2019s total.<\/p>\n
Since the adult-use market launched in April 2022\u2014and the number of licensed dispensaries surpassed 190\u2014the state has seen more than $2 billion in cannabis sales.<\/p>\n
\u201cWe are proud of the remarkable growth achieved in 2024, which highlights the growing trust consumers have in New Jersey\u2019s regulated cannabis market and the economic opportunities it provides for businesses of all sizes and classes,\u201d NJ-CRC Acting Executive Director Christopher Riggs said in a press release. \u201cThis momentum sets a solid foundation for continued success in the years ahead.\u201d<\/p>\n
The single biggest day of sales took place on what\u2019s known as \u201cGreen Wednesday,\u201d 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.<\/p>\n
Regulators also noted that, as of the end of the last quarter in September, \u201crecreational cannabis sales had totaled $789,848,253, generating tax revenue of $43,290,543.\u201d<\/p>\n
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.<\/p>\n
Meanwhile, the commission also recently approved rules to raise a fee on cannabis that supports the state\u2019s social equity program<\/a>. And it also announced the process for applying to become a licensed marijuana consumption lounge.<\/p>\n \u201cThe continued growth of New Jersey\u2019s cannabis market reflects our dedication to creating a marketplace that benefits everyone\u2014consumers, businesses, and communities alike,\u201d NJ-CRC Chair Dianna Houenou said<\/a> in a press release on Monday about the 2024 sales milestone. \u201cBy prioritizing equity and inclusion and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like.\u201d<\/p>\n The commission\u2019s executive director, Jeff Brown, had predicted that the state would hit the $1 billion sales mark<\/a> by the end of the year in an interview with Marijuana Moment earlier this year.<\/p>\n \u201cThis year will be two years since we authorized legal sales in 2022. And as this market develops, we\u2019re seeing more small businesses, independent businesses, get operational\u2014retailers, cultivators and manufacturers,\u201d he said. \u201cSo the market is becoming more diverse and we\u2019re starting to see this growing competitive market with more competitive prices as well.\u201d<\/p>\n Regulators have also stressed that they will not be letting the state\u2019s 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<\/a>.<\/p>\n 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<\/a>, who showed the top state official that he\u2019s now growing a strain he was previously arrested with before being able to enter the legal marketplace.<\/p>\n Legalizing Marijuana Led To \u2018Immediate Decline\u2019 In Opioid Overdose Deaths In U.S. States, New Research Concludes<\/a><\/p>\n<\/blockquote>\n\n Photo courtesy of WeedPornDaily<\/a>.<\/em><\/p>\n The post New Jersey Marijuana Sales Top $1 Billion Mark For 2024, State Officials Announce<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
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\u2014marking a 25 percent increase over 2023\u2019s total. Since the adult-use market launched in April 2022\u2014andContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":0,"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\/79540"}],"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=79540"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/79540\/revisions"}],"predecessor-version":[{"id":79541,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/79540\/revisions\/79541"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=79540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=79540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=79540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nRead More: New Jersey Marijuana Sales Top Billion Mark For 2024, State Officials Announce<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"