New Jersey’s cannabis market earned more than $800 million — $800,279,300 — in medicinal and recreational cannabis sales in 2023, according to a Friday announcement from the New Jersey Cannabis Regulatory Commission. Added to 2022 sales figures — $555,654,794 — and year-to-date sales in 2024, the market has now earned more than $1.3 billion since the beginning of recreational cannabis sales in April 2022. It has eclipsed $2 billion in total sales since the beginning of 2018.
“These are early signs of the potential of this market. Sales have grown steadily since Gov. (Phil) Murphy began the work to reform New Jersey’s cannabis market,” Jeff Brown, executive director at the NJCRC, said. “If we consider medicinal cannabis sales from 2018 to 2021 — before recreational sales began — cannabis sales totals exceed $2 billion over the six-year span.”
Sales tax on recreational cannabis and cannabis products resulted in almost $62 million added to the state’s coffers since 2022 and nearly $4 million in Social Equity and Excise Fees. There is no state tax on medicinal cannabis. Per the CREAMM Act, SEEF funds are to be used for social equity investments informed by recommendations from the NJCRC.
The more than 100 medicinal and recreational cannabis dispensaries across the state — including small, local operators — are expected to see sales beyond $1 billion in 2024.
