New Jersey's Recreational Cannabis Market Sees Significant Growth in Early 2024

First-quarter sales surge by 38%, indicating a robust expansion in consumer demand and market potential

NEW JERSEY - In a striking display of economic growth, New Jersey's recreational cannabis industry reported a 38% increase in sales in the first quarter of 2024, reaching over $201 million. This growth, compared to the $145.7 million recorded in the same period last year, highlights the escalating consumer demand and expanding market infrastructure. The number of licensed dispensaries soared from 24 in early 2023 to 130 by March 2024, underpinning this significant revenue jump.

Jeff Brown, the Executive Director of the New Jersey Cannabis Regulatory Commission (NJ-CRC), expressed optimism about the future trajectory of the market. “The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” Brown noted. He anticipates continued growth as more dispensaries open, new brands emerge, and the social stigma surrounding cannabis diminishes.

The market also set new records around the 4/20 cannabis holiday, traditionally a peak sales period. On April 19, consumers spent approximately $4.03 million, a figure that was surpassed the following day with sales reaching $5.22 million. Overall, the weekend encompassed nearly $12.5 million in combined recreational and medicinal cannabis sales.

Highlighting the broader benefits of this burgeoning sector, Brown added, “We are very excited to see all the new, local businesses that have come online and are able to participate in this thriving market. I’m particularly proud that we have been able to support this progress while remaining committed to fairness, equity, and safety.”

NJ-CRC Chair Dianna Houenou pointed to a shift in consumer behavior, noting that more people are opting for the safety and reliability of regulated cannabis over potentially unsafe products. This consumer trust has likely contributed to the surge in sales.

The NJ-CRC continues to play a pivotal role in shaping the landscape of the cannabis market in New Jersey by establishing and enforcing regulations that ensure the safety, fairness, and integrity of the industry.