NEW JERSEY– New Jersey’s recreational cannabis market sales for the first quarter of 2024 totaled more than $201 million — a 38% increase compared to the same period last year.
Sales from January to March 2023 were generated by 24 licensed dispensaries, whereas that number increased by 96, to a total of 130 licensed dispensaries, in the same time period in 2024.
“The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” said Jeff Brown, New Jersey Cannabis Regulatory Commission’s executive director. “We anticipate that as even more dispensaries open across the state, new brands are introduced to the market, and cannabis becomes less stigmatized, sales numbers will continue to go up.”
Recreational cannabis sales also hit historical highs the weekend of the cannabis holiday April 20. On Friday, April 19, New Jerseyans bought $4,028,365 in recreational cannabis flower and other products, then topped that figure on Saturday, April 20 with another $5,219,294.
Including Sunday’s recreational sales and medicinal sales for all three days, the weekend closed out with approximately $12.5 million, the weekend closed out with approximately $12.5 million in recreational and medicinal cannabis sales.
Brown is encouraged by the numbers. “We are very excited to see all the new, local businesses that have come online and are able to participate in this thriving market,” he said. “I’m particularly proud that we have been able to support this progress while remaining committed to fairness, equity, and safety.”
“The rising sales figures demonstrate a shift in consumer behavior as more people are choosing the safety and reliability of the regulated market over untested or questionable products,” said NJ-CRC Chair Dianna Houenou.
