One month after the New Jersey’s cannabis-industry launch, state consumers have purchased $24 million in recreational cannabis, according to New Jersey’s Cannabis Regulatory Commission. New Jersey’s cannabis dispensaries have taken in a total of $24,201,875.38 from 212,433 in recreational transactions since sales began April 21, , NJ.com first reported. Revenue from recreational cannabis earned by the state includes 6.625% sales tax as well local and excise taxes.
At the board meeting a month after leaf went legit, the commission also introduced revised recreational licenses. Initially, only dispensaries were allowed sell to the public. Twelve dispensaries have been selling recreational cannabis throughout May. Under previous rules, a would-be recreational retailer would have to operate as medical-only for a year before selling for adult-use. But a removal of “medical only” as a condition now only requires applicants to prove they have enough stock for both patients and adult-use purchasers. Eleven, new conditional adult-use licenses were awarded at the conference.
A Garden State Dispensary illustration celebrates the pride of home-produced hemp. PHOTO COURTESY GARDEN STATE DISPENSARY
Dispensaries in now place branch out
The commission also announced the licensing of another five medical-only dispensaries. New York-based Ayr Wellness, a multi-state cannabis operator, received three of those, and has already opened three new branches of its Garden State Dispensary outlets in Woodbridge, Union, and Eatontown, NJ. Vertically integrated cannabis operator TerrAscend of Mississauga, Canada, which operates stores in Pennsylvania, Michigan and California, will add two more dispensaries to its growing chain of The Apothecarium and TerrAscend dispensaries — in Lodi and Montclair, NJ.
“It’s really only a beginning, and I think it shows that there’s a lot of growth left in this market,” said Jeff Brown, executive director of the Cannabis Regulatory Commission, which oversees the state’s marijuana market.
The commission will issue reports in June on its distribution of licensees who are people of color, women and veterans. The state’s marijuana law requires disenfranchised groups comprise 30% of licensees. The commission’s next meeting is scheduled for June 23.