New Jersey’s adult-use cannabis market is still getting going, but that didn’t stop a handful of licensed retailers grandfathered in from the medical program from recording more than a half billion dollars in cannabis sales for 2022.
With nearly $329 million in adult-use sales since the state's launch last April, and more than $226 million in medical sales, New Jersey’s licensed retail market cashed in $555 million altogether in 2022, according to recently released figures from the state’s Cannabis Regulatory Commission (CRC).
In the fourth quarter of 2022, total cannabis sales were $182.4 million, a 2.6% increase over the previous quarter, but adult-use sales specifically increased 13.6% quarter-over-quarter, according to the CRC.
For the year, adult-use cannabis taxes at retail provided New Jersey with more than $20 million in state revenue.
These figures came despite the marketplace including adult-use dispensary licenses for only eight multistate operators in 2022: Acreage Holdings (The Botanist); Ascend Wellness; Ayr Wellness (Garden State Dispensary); Columbia Care (The Cannabist); Curaleaf; Green Thumb Industries (RISE); TerrAscend (Apothecarium); and Verano (Zen Leaf).
These eight companies operate 21 of New Jersey’s 24 adult-use dispensaries as of April 19, 2023, according to the state’s Office of Information and Technology. In addition, there are 13 medical-only dispensaries currently active.
But the retail landscape is on the verge of significant expansion. As of March 21, the CRC had received 1,826 applications for adult-use business licenses, more than 1,000 of which are for retail operations. The commission approved six retail applicants for their annual licenses—three were conversions from conditional licensure—during its April 14 meeting, meaning they can now open their stores granted they have local approvals. Many more applicants will receive their annual licenses in the coming months.
With the majority of New Jersey’s 565 municipalities largely untapped by the state’s cannabis retail market, overall sales will trend upward as more dispensaries come online.
