UNITED STATES: $2 million worth of cannabis on opening day in New Jersey.

According to figures released last Wednesday by the state’s Cannabis Regulatory Commission, more than 12,000 customers purchased nearly $2 million worth of cannabis products on the first day of sales in New Jersey. 

12 dispensaries are selling recreational cannabis.

On February 22, New Jersey Democratic Governor Phil Murphy signed into law the legalization of cannabis. On April 21, sixteen stores officially started selling cannabis in New Jersey. Twelve dispensaries reported a total gross sales of nearly $1.9 million from 12,438 customers.

Last Wednesday, CRC Executive Director Jeff Brown explained that The launch of recreational marijuana sales didn’t negatively impact new Jersey’s medical marijuana supply. Only 12 out of 23 medical marijuana dispensaries have begun recreational sales. They sold more than 5,400 ounces (153 kg) of medical marijuana to their patients on April 20, the day before the recreational market launched, more than double the previous month’s daily average. And in the five days afterward, the dispensaries sold another 7,500 ounces to patients. 

Recreational cannabis doesn’t threaten the medical cannabis market. 

Despite the concerns that recreational sales could threaten the supply of medical product users, the market for medical cannabis remains significant, with around 64,000 ounces (1.8 tons) of medical cannabis supplied to patients in the past month.

Jeff Brown, the commission’s executive director, said that the government expected recreational cannabis sales to be “substantial.”

“We expected sales to be substantial, and the data shows that the market is effectively serving both adult-use consumers and patients. The data shows the market is effectively serving adult consumers and patients. We continue to monitor inventory and access for patients and are prepared to take enforcement action against any (alternative treatment center) that does not meet the requirements for patient access and supply,” Brown explained in a statement. 

The New Jersey market, which is around 9 million inhabitants, should exceed 2 billion dollars a year once the regulation is fully settled, according to estimates by MJBiz.

Earlier this month, New Mexico launched the sales of recreational cannabis. Customers spent more than $1.9 million on opening day without counting sales of medical cannabis.

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *

Click to Hide Advanced Floating Content