28° and Partly Cloudy
Image
Record-breaking revenue highlights the steady expansion of Garden State’s regulated cannabis industry.
NEW JERSEY - New Jersey’s cannabis market crossed the $1 billion threshold in combined medicinal and recreational sales on December 21, 2024, reflecting a 25% increase over the previous year’s total of $800,279,300. This milestone underscores the state’s robust cannabis sector, which has generated more than $2 billion in revenue since legal adult-use sales began in April 2022.
According to the latest figures, the state’s dispensary count now exceeds 190 locations, a factor contributing to the surging demand for regulated cannabis products. Recreational cannabis sales reached historical peaks on 4/20 (April 20) and “Green Wednesday,” the day before Thanksgiving—both notable “cannabis holidays.” In fact, Green Wednesday saw the highest single-day sales of $6,003,300, edging out 4/20’s $5,811,632 total. As of September 2024, recreational cannabis sales alone had amassed $789,848,253, generating $43,290,543 in tax revenue.
“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.”
The New Jersey Cannabis Regulatory Commission, tasked with establishing and enforcing licensing, cultivation, testing, sales, and purchasing standards, continues to emphasize fairness and equity in the evolving market. In the third quarter of 2024 alone, Social Equity Excise Fees collected nearly $1 million, adding to a cumulative total of $6,140,461 since 2022. These funds support education, economic development, and social services for individuals and communities disproportionately impacted by past cannabis-related offenses.
“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.”
For local businesses and residents—particularly in Morris County and Morristown—these developments mean a continued expansion of job opportunities, tax revenues, and entrepreneurial ventures in the cannabis sector. As legal sales escalate, state regulators remain focused on ensuring product safety, equitable practices, and responsible growth of the industry.
