New Jersey became a billion dollar cannabis market last year.
The state’s legal weed businesses raked in a total of $1.004 billion in 2024, a 25% increase from the $800 million take in 2023, according to Cannabis Regulatory Commission figures.
When Gov. Phil Murphy signed the law establishing adult use cannabis as an industry in New Jersey four years ago, many observers noted it would take a couple of years for the state to see revenue in the billions.
The industry also generates tax revenue on the state and local level. Towns have the ability to license cannabis and levy a local tax. The state can also implement a tax on cultivators.
According to September numbers from the CRC, tax revenue came in at an estimated $43 million.
The revenue comes as the state faces budget woes some are calling a fsical cliff. Though far smaller than other sources of revenue, state leaders predicted the cannabis industry could be a new source of funds for state coffers.
Since legal weed sales started in April 2022, the market has generated $2 billion in revenue. There are now more than 190 dispensaries throughout the state.
The prediction that the market would exceed $1 billion was made last February from former Cannabis Regulatory Commission director Jeff Brown.
The current acting director Chris Riggs said he expects the cannabis industry will continue to grow.
“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,” he said. “This momentum sets a solid foundation for continued success in the years ahead.”
Jelani Gibson may be reached at jgibson@njadvancemedia.com. Follow him on X at @jelanigibson1 and on LinkedIn.
Revenue from the legal weed market jumped 25% in 2024. Read More
