First month of adult-use cannabis sales in N.J. brings in $24 million – New Jersey Monitor

One month into the nascent hashish business’s launch, shoppers have bought $24 million in leisure weed, regulators stated throughout a gathering Tuesday the place extra permits for dispensaries have been authorized. 

One other 5 medical-only dispensaries will quickly be capable to begin promoting adult-use hashish, becoming a member of the 12 dispensaries that began promoting leisure weed on April 21. The brand new areas will likely be Backyard State Dispensaries in Woodbridge, Union, and Eatontown; The Apothecarium in Lodi; and Ascend in Montclair. 

“It’s actually solely a starting, and I believe it reveals that there’s loads of progress left on this market,”  stated Jeff Brown, govt director of the Hashish Regulatory Fee, which oversees the state’s marijuana market. 

The $24 million in gross sales on the 12 dispensaries that may promote leisure hashish — a thirteenth location didn’t get ultimate approval till two weeks in the past — is decrease in comparison with different states. In Arizona, which launched its market at 73 services, the state reported $32 million in gross sales within the first full month the market was open. In New Mexico, which launched in April with at the very least 100 shops, gross sales reached almost $40 million.

New Jersey dispensaries introduced in about $5 million every week complete. The fee expects that quantity to balloon as extra licenses are authorized. 

A complete of 46 conditional licenses have been awarded at Tuesday’s assembly: 22 for cultivators, 13 for producers, and 11 for leisure retailers. 4 testing labs have been additionally authorized to start working.

It’s not clear when the leisure retailers can start gross sales. There are nonetheless native regulatory hurdles for homeowners to clear.

The fee additionally eliminated the “medical solely” rule for licenses it awarded within the 2019 utility cycle, which implies as an alternative of working at the very least one 12 months as a medical dispensary, licensees want solely to show they’ve sufficient provide for each medical and leisure demand.

Brown stated the fee will situation quarterly experiences beginning subsequent month on the variety of licensees who’re individuals of colour, girls, and veterans. The state’s marijuana legislation requires these teams comprise 30% of licensees.

The fee’s subsequent assembly is scheduled for June 23.