The Cannabis Regulatory Commission (CRC) in New Jersey today released recreational cannabis sales from April 21, when the market opened, through the end of June. According to the CRC, the figures indicate "lots of room" to grow.
During that period, NJ licensed cannabis businesses took in $79,698,831 in total sales across the state.
Tax revenue totaled $4,649,20, which includes $219,482 in Social Equity Excise Fees.
“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations and the high prices” said Jeff Brown, executive director of the CRC, in a statement. “As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better.”
After a small decline to $55,838,072 in the first quarter of 2022, total sales for medicinal cannabis have ticked up to $59,262,014, which is more in line with sales figures the last quarter of 2021.
Medical patients remain the CRC's priority. “The demand for medicinal cannabis continues to be strong and we are committed to ensuring access for patients," Brown added.