New Jersey Cannabis: Nearly $80 Million Sold in First 10 Weeks

New Jersey’s recently launched legal cannabis market has racked up nearly $80 million worth of sales in the first ten weeks following its launch in late April.The state’s Cannabis Regulatory Commission released the sales figures in a report last week. Between April 21, when sales launched in the Garden State, and the end of June, tax revenue from recreational pot totaled $4,649,202. There was $79,698,831 in total sales on recreational cannabis during that same time frame.Jeff Brown, the executive director of the New Jersey Cannabis Regulatory Commission, said that the numbers indicate a healthy market with room for growth.“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices,” Brown said in a statement on Friday. “As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better.”Dianna Houenou, the chair of the state Cannabis Regulatory Commission, echoed Brown’s optimism.New Jerseyans are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities,” Houenou said. “We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”After a long, oft-delayed rollout, New Jersey’s recreational cannabis market finally opened for business on April 21. Thousands of customers showed up for the grand opening, generating nearly $1.9 million worth of recreational pot sales on the first day.“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” Brown said in a statement at the time. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any [medical cannabis dispensary] that does not meet the requirements for patient access and supply.”Click here for the rest of the story!