NJ rakes in over $24 million in first month of recreational pot sales

The green flows in New Jersey.

The Garden State earned over $24 million in recreational marijuana sales in the industry’s first month, according to the state Cannabis Regulatory Commission.

Since a dozen New Jersey dispensaries first began operating on April 21, recreational marijuana sales have averaged nearly $5 million per week for a total of $24,201,875.38 from 212,433 transactions, NJ.com first reported.

CRC Executive Director Jeff Brown said there is still room for significant growth in the market as the commission has approved an additional five dispensaries across the state.

“While that $24 million figure sounds high, it is based on the fact that there is still tremendous opportunity for new companies to enter this market and serve this market and thrive,” said Brown at the CRC’s monthly meeting on Tuesday.

“We expect this to increase, particularly as new dispensaries are approved and new breeders are approved,” he added.

According to NJ.com, recreational marijuana sales are subject to a 6.625% state sales tax plus additional local and excise taxes.

A line of customers waiting to enter the Curaleaf Pharmacy in Bellmawr, New Jersey on April 21, 2022.
A line of customers waiting to enter the Curaleaf Pharmacy in Bellmawr, New Jersey on April 21, 2022.
AP Photo/Matt Slocum, file

New Jersey Gov. Phil Murphy, who led the state’s prosecution to legalize cannabis and signed legislation into law in February 2021, predicted in his proposed $48.9 million budget currently under lawmakers’ consideration that the State would collect $19.1 million in legal pot taxes for fiscal years beginning July 1.

The industry’s $24 million in first-month sales are expected to meet that exact sales tax estimate for a full year, the outlet reported.

New York State legalized recreational cannabis last year, but the State Office of Cannabis Management has yet to roll out its regulations and licensing system, which could arrive as early as late 2022.

There have been 212,433 transactions since marijuana dispensaries opened in New Jersey last month.
There have been 212,433 transactions since marijuana dispensaries opened in New Jersey last month.
REUTERS/Hannah Beier

Just last month, the state cannabis agency issued the first licenses to 52 local growers to grow recreational marijuana for adults.

The state has projected $1.25 billion in new revenue from legal marijuana sales over the next six years.

https://nypost.com/2022/05/26/nj-rakes-in-over-24m-in-first-month-of-recreational-pot-sales/ NJ rakes in over $24 million in first month of recreational pot sales

JACLYN DIAZ

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