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June 01, 2022 | Posted in:

Recreational Cannabis in New Jersey Update

Recreational Cannabis in New Jersey

A little over a month after the start of recreational cannabis sales in New Jersey, another round of cannabis retailers has been approved. The New Jersey Cannabis Regulatory Commission approved five more medical marijuana dispensary applications on Tuesday, May 24 to begin selling recreational cannabis to the public. Those sites are predicted to be able to open in the next few weeks.

Along with that, medical marijuana dispensaries no longer have to wait a full year after opening before entering the recreational adult-use market.

First Month of Sales

The first day of recreational marijuana sales in New Jersey brought more than 12,000 customers and almost $24 million of profit from recreational cannabis products. Now, a month later, sales are reported to have topped $24 million from April 21 to May 21. The 13 medical dispensaries authorized to sell recreational cannabis on the first day New Jersey’s recreational marijuana market brought in an average of about $5 million per week in recreational weed sales. This is hoped to be a trend as the industry continues to grow. Curaleaf, another legal medical cannabis store opened on Wednesday, May 25 in Edgewater Park.

Future of Cannabis

After an impressive start, the industry is predicted to continue to expand and prosper as more dispensaries are approved. Industry specialists expect sales to eventually exceed $2 billion a year. Dispensaries being approved in Woodbridge, Union, and Eatontown; The Apothecarium in Lodi; and Ascend in Montclair will help the market continue to spread across the state; increasing cannabis presence. With the approval of five more medical marijuana dispensaries applications, it is certain that sales will continue and the industry will flourish.

If you are looking to get involved or to start your own cannabis business, be sure to contact one of our experienced accountants and advisrors.

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