When talking cannabis, despite having one of the lowest per capita retail counts of any adult-use market, New Jersey has seen a strong start to 2022, and Colorado-based BDSA, provider of the most accurate and comprehensive retail sales data for the cannabis industry, said it has stats to show the market’s strength.
On Monday, BDSA Retail Sales Tracking announced that New Jersey’s nascent adult-use market shows monthly sales growth outpacing that of other, more established adult-use markets tracked by BDSA.
BDSA figures show that the state brought in approximately $200 million in legal sales from April 21 to July 31. Dollar sales have seen a compound monthly growth rate of roughly 10% from May through July 2022. As a point of comparison, Illinois posted a compound monthly growth rate of just 3% in its first three full months of adult-use sales.
“Although it has faced an abundance of regulatory challenges, New Jersey’s cannabis market has remained strong, seeing impressive growth this year,” Roy Bingham, CEO of BDSA, stated. “Strong consumer participation could be a factor in the sales growth, which is even more impressive considering the current macroeconomic situation and limited legal access in the state.”
According to BDSA figures, over 50% of those surveyed in New Jersey claim to be past six-month consumers, an approximate 15% increase in consumer penetration since spring 2020. Furthermore, as one of the first adult-use markets in the Northeast region, New Jersey’s market has likely been the beneficiary of cross-border buying from other consumers in the tri-state area, as New York and Connecticut consumers are still awaiting legal access in their respective states.
When looking at category share in the New Jersey market, flower has held a higher share of unit and dollar sales than in other mature markets, making up over 50% of monthly dollar sales and roughly 45% of monthly package unit sales in July 2022.
Another significant difference in category sales is apparent in the concentrate sector, with dabbable concentrates making up roughly 2% of dollar sales in July 2022, compared with the 5%-15% share that dabbables hold in more mature markets.
BDSA’s Retail Sales Tracking now tracks market performance by state, category, brand, product and attributes across 13 U.S. markets.