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New Jersey’s cannabis market surpassed $1 billion in combined medicinal and recreational cannabis sales in 2024, according to the NJ Cannabis Regulatory Commission (NJ-CRC).
It was a nearly 25% increase from the previous year’s total of $800,279,300. That shows the robust growth of the Garden State’s regulated cannabis industry.
On Saturday, December 21, sales hit the billion-dollar mark, ending the day at $1,004,826,946.
Since the start of adult-use cannabis sales in April 2022, New Jersey’s cannabis market has generated more than $2 billion in total revenue.
An increasing number of licensed dispensaries has boosted sales. There are now more than 190 total locations across the State. Also, there does seem to be a sufficiently steadily increasing demand for regulated cannabis products.
“We are proud of the remarkable growth achieved in 2024, which highlights the growing trust consumers have in New Jersey’s regulated cannabis market and the economic opportunities it provides for businesses of all sizes and classes,” said NJ-CRC Acting Executive Director Christopher Riggs. “This momentum sets a solid foundation for continued success in the years ahead.”
Recreational cannabis sales hit historical highs this year during the 4/20 and Green Wednesday, the biggest single day of sales. The busiest cannabis shopping day was on Green Wednesday, before Thanksgiving Day. Sales on that day totaled $6,003,300, slightly surpassing 4/20 sales of $5,811,632. As of the end of the last official quarterly report in September, recreational cannabis sales had totaled $789,848,253, generating tax revenue of $43,290,543.
The commitment to an equitable and fair cannabis industry remains at the forefront of the New Jersey Cannabis Regulatory Commission’s mission. In just the third quarter of 2024, Social Equity Excise Fees collected amounted to nearly $1 million.
According to the NJ-CRC, since 2022, $6,140,461 in adult-use cannabis tax revenue has been collected to support education, economic development, and social services for individuals and communities negatively impacted by cannabis criminalization.
“The continued growth of New Jersey’s cannabis market reflects our dedication to creating a marketplace that benefits everyone, consumers, businesses, and communities alike,” said NJ-CRC Chair Dianna Houenou.
“By prioritizing equity and inclusion and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like,” she added.
Unfortunately, all is not rosy in Jersey weed.
Heady NJ has heard rumors of the first permanently closed adult-use only dispensaries.
They won’t be the last either since this was inevitable.
It is very difficult that federal marijuana prohibition makes deducting expenses and getting a bank loan very hard, if not impossible, for a licensed dispensary.
Federal marijuana prohibition also complicates bankruptcy greatly in cannabis.
So, several dispensaries in towns with intense competition are not seeing the money they expected. It seems like a knife fight to the death for some. And not every story is as simple as a virtuous David versus an evil foreign Goliath.
Competition has become vicious for cannabis dispensaries in towns with clusters. Complicating matters are the continued operations of smoke shops selling intoxicating hemp along with liquor stores that want to sell hemp drinks.
The State tried banning smoke shops from doing so. But, several hemp companies sued and won.
There was a cannabis flower recall that won’t be the last to affect adult-use cannabis in New Jersey.
In addition, many conditional license winners are still struggling just to open their doors.
It’s also not clear what will happen with the feds and weed. The federal government is caught up in a complicated process that could move marijuana from a Schedule I narcotic street drug to a Schedule III pharmaceutical drug.
Descheduling remains the preferred position of many large MSOs, craft cannabis companies, independents, consumers, and Heady NJ. It would allow the state-legal cannabis markets to flourish and end arrests.
Also, Donald Trump is going to be President again in January. He has sway over both the Pro-Business side of the Republican Party and the Traditionalist side. They have opposing views on cannabis, and it’s unclear which side is stronger.
The Republicans will also control Congress in January. They have controlled the Supreme Court since the 70s.
Overall, humongous cannabis progress was made in 2024. The New Jersey cannabis market has expanded greatly. Since last summer, more than 100 cannabis dispensaries have opened up in all 21 counties of the State. The pace got so quick some dispensaries opened on the same day!
Unfortunately, we have not covered each one yet.
A lot more licensed cannabis growers and manufacturers with new products have entered the market since the beginning of the year, and the price has gone down.
Even more cannabis dispensaries, growers, and manufacturers are expected by next summer too.
Licensed wholesalers and delivery companies are also beginning to sprout up.
People with friends and family with deep pockets, serial entrepreneurs, and larger companies based elsewhere are among the most successful.
Heady NJ has heard the dispensaries with the most assets along with the most natural car and foot traffic are the doing the best.
The movement to legalize homegrow has made progress. More legislators favor at least medical patients growing a limited number of plants. The bill could still become law until January 2026, when a new Governor and legislature take office. The legislative process of introducing bills to become law starts over then.
Thus, while Jersey cannabis is not what every consumer advocate and entrepreneur wanted, a great deal of progress has been made, with more to come in 2025.
“}]] New Jersey’s cannabis market surpassed $1 billion in combined medicinal and recreational cannabis sales in 2024, according to the NJ-CRC. Read More
