 New Jersey’s state Cannabis Regulatory Commission announced in a statement last week that customers have spent nearly $80 million dollars on recreational cannabis in the first two and a half months since the state began legal sales, from April 21st to June 30th.
Of those sales, the state has received more than $4.6 in tax revenue. The New Jersey Cannabis Regulatory Commission’s Executive Director, Jeff Brown, said, “The market is improving. It is performing as we expect 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.” The state opened with just twelve retail locations for adult use sales, and now there are a total of 18 available, which also serve the state’s medical marijuana patients, as well. The Cannabis Regulatory Commission has hundreds of other license applicants who are awaiting approval, but the agency has been overwhelmed by the number of applicants, and so they are currently backlogged and attempting to approve them as soon as possible. Comments are closed.
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