New Jersey’s Cannabis Market Excels As New York Continues To Face Setbacks
New Jersey’s cannabis industry has seen a remarkable 38% increase in sales, reflecting its rapid growth. The state’s recreational cannabis revenue topped $201 million in early 2024, a substantial rise from the previous year. This boost comes as the number of dispensaries jumped from 24 to 130 within a year, putting New Jersey on track to becoming a billion-dollar market.
During the cannabis holiday of 4/20, sales soared, with New Jersey residents purchasing over $4 million worth of products on April 19 and further climbing to more than $5.2 million on April 20. Total sales for the weekend nearly reached $12.5 million across both recreational and medicinal categories.
Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission (NJ-CRC), commented on the expansion: “The significant rise in sales year over year indicates the strong potential of New Jersey’s cannabis market.” He noted the introduction of new market entrants and …