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Recreation Cannabis Sales Reach Over $100M in Q3 2022
Recreational cannabis sales jump to more than $100 million in 2022 third quarter.
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Sales receipts on recreational cannabis in New Jersey for July 2022 to September 2022 totaled $116,572,533. With medicinal cannabis sales included, the total goes up to $177,710,764.
There are now 20 dispensaries in New Jersey selling recreational cannabis; another 10 sell medicinal cannabis to registered patients only.
“New Jersey is only seeing the beginning of what is possible for cannabis” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “We have now awarded 36 annual licenses for recreational cannabis businesses to New Jersey entrepreneurs, including 15 for dispensaries. Those businesses alone will be a significant growth of the market. With more locations and greater competition, we expect the customer base to grow and prices to come down.”
While there was an increase in medicinal cannabis sales, the largest increase was in recreational sales - 46% more than between April and June 2022.
“We are looking forward to seeing local, small business owners participate in this lucrative market,” said NJ-CRC Chairwoman Dianna Houenou. “Our priority application process as well as new initiatives like the no-cost Cannabis Training Academy being launched by New Jersey Business Action Center in early 2023 are paving that path for them to be included.”
The New Jersey Cannabis Regulatory Commission establishes and enforces the rules and regulations governing the licensing, cultivation, testing, selling, and purchasing of cannabis in the state.
