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US: New Jersey's Cannabis Dispensaries Bring In 24 dollars Million During First Month

Will Yakowicz

Forbes

Friday 27 May 2022

The Garden State’s first adult-use dispensaries generated $24 million during the first month of legalization, according to the New Jersey Cannabis Regulatory Commission.

New Jersey only has 12 adult pot shops for now, but 5 more have been approved by state regulators. The $24 million in cannabis sales was collected from 212,433 transactions, as NJ.com first reported. The state legalized recreational marijuana sales in February 2021 to anyone over 21 years old, but retail shops did not open until April 21 of this year—the day after the cannabis’ high holiday. Customers spent $3.5 million across 42,811 transactions during the first three days of legalization.

“This is only a beginning—it shows there’s a lot of growth in this market,” said New Jersey Cannabis Regulatory Commission executive director Jeff Brown during the group’s monthly board meeting this week.

New Jersey legalized medical marijuana in 2010 and currently has 12 medical dispensaries across the state. Publicly traded companies such as Curaleaf, Green Thumb Industries, and Ascend Wellness have several locations in the state. New Jersey has approved a total of 100 licenses, and more companies are launching operations soon.

And the real competition for cannabis dollars hasn’t even begun. Neighboring New York legalized adult use in March 2021, but dispensaries have not yet opened. A vibrant gray market has blossomed across the Empire State—filling a void of demand as cannabis is legal, but there is currently no legal market. As New York prepares for the legal sale of recreational marijuana in 2023, regulators are trying to figure out how to shut down gray market businesses that have been operating in plain sight.

In late May, Rhode Island legalized adult use, becoming the 19th state in the U.S. to embrace recreational pot sales. Meanwhile, Delaware Governor John Carney rejected a bill to legalize cannabis the same week.

https://www.forbes.com/sites/willyakowicz/2022/05/27/new-jerseys-cannabis-dispensaries-bring-in-24-million-during-first-month/?sh=57e06bd21cf1

 

 

 

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