Adult-use cannabis sales top $79M in first 70 days

Gabrielle Saulsbery//August 12, 2022//

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So far, the state has garnered $4,649,202 in taxes from adult-use cannabis sales.

Adult-use cannabis sales in New Jersey totaled $79,698,831 from April 21 to June 30, the Cannabis Regulatory Commission announced Aug. 12.

The state has garnered $4,649,202 in taxes from the sales, including $219,482 in Social Equity Excise Fees, according to New Jersey’s Department of the Treasury Division of Revenue and Enterprise Services.

CRC Executive Director Jeff Brown said that the market is performing as expected with the current number of dispensaries, the spread of locations, and the high prices.

“As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better,” he said.

CRC Chair Dianna Houenou said that New Jersey residents “are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities. We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”

Medical cannabis sales are on the upswing, from $55,838,072 in Q1 2022 to $49,262,014 in Q2.

“The demand for medicinal cannabis continues to be strong and we are committed to ensuring access for patients,” said Brown.