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New Jersey Recreational Cannabis Sales Totaled $201 Million In First Quarter Of 2024

New Jersey’s 130 licensed adult-use cannabis dispensaries sold roughly $201 million in recreational cannabis sales during the first three months of 2024, about 4.4% more than what was sold during the last quarter of 2023. Legal recreational cannabis sales totaled $192.6 million in New Jersey during the last quarter of 2023.

“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 New Jersey Cannabis Regulatory Commission stated in a recent press release.

“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 4/20. 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.” the government press release also stated.

“Recreational sales in New Jersey totaled $475.3 million in the market’s first 12 months of operation, soaring to $730.8 million in the second full year.” stated the New Jersey Monitor in its coverage. “By comparison, Missouri reported more than $1.1 billion in revenue from its first year of recreational sales, and recreational sales in Maryland totaled $512 million over the market’s first nine months.”

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.