New Jersey’s legalized market for adult-use cannabis continues to grow as sales hit $160.2 million between April and June, according to the state.
For the second quarter of 2023, the New Jersey Cannabis Regulatory Commission recorded a 10% increase from the $145.7 million in revenue generated from January through March. After receipts for medicinal cannabis are factored in, sales topped $185.19 million for the latest period, according to the state. However, dispensaries licensed to sell medicinal products pulled in $24.98 million — down from $34.46 million in the prior quarter.
Following the launch of New Jersey’s adult-use market last year, enrollment in the state’s medicinal cannabis program has decreased steadily, from 128,548 in April 2022 to 100,841 in August 2023. As a result, many medical-only dispensaries are starting to pursue approvals to expand into adult-use sales.
As of August 23, there are 32 dispensaries open for medical and adult-use sales and an additional 14 open exclusively for patients. New Jersey also has 36 storefronts licensed for adult-use sales.
Read more at njbiz.com