NJ’s cannabis business is booming

Three years after recreational use was legalized, over 50 cannabis businesses opened in New Jersey in 2023, representing a big breakthrough of the industry in the state.

The state has faced criticism for its expensive and lengthy licensing process, but over the three years after recreational marijuana was initially legalized, more and more small local businesses have been able to open, according to industry leaders and experts.

Overall, there are currently 79 dispensaries serving recreational customers in 18 counties, more than triple the 22 dispensaries that existed when the recreational cannabis market opened in April 2022. The majority are open to both medical marijuana patients and recreational users.

Jeff Brown, executive director of the Cannabis Regulatory Commission, is excited to see the industry’s steady growth. He says the CRC has received over 2,300 applications and issued over 1,300 conditional awards, as well as 150 annual awards while prioritizing diverse businesses.

“We’re seeing a transition to smaller, more independent operators, diversely owned businesses,” said Brown. “So, we’re really meeting our equity goals. About 20% of all awards have gone to social equity businesses. Those are businesses owned by people with past marijuana convictions or from economically disadvantaged areas. And then about two thirds of those awards have gone to diversely-owned businesses. Those are women owned, minority owned or disabled veteran owned.”