New Jersey said it expects its adult-use cannabis market to reach $1 billion in sales this year.
The state said it will be leaning on new local cultivators and manufacturers to help reach that goal.
The updated sales forecast comes as the state, which launched its legal market in 2022, said it now has 121 dispensaries in operation.
In addition to direct sales, New Jersey is expecting a robust ancillary services market around cannabis.
The state said services like accounting, marketing, architecture, security, legal services and real estate may generate $1.5 billion to $2 billion in taxable revenue.
New Jersey also said that after granting edibles waivers, it’s seeing a boost in product diversity, with edibles now accounting for 14% of market share in the state.
