New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

The third quarter of the fiscal year 2022 saw New Jersey’s adult-use marijuana sales surpass $100 million for the first time, with combined medical and recreational cannabis purchases totaling $177,710,764, the state revealed on Friday. It was reported by the New Jersey Cannabis Regulatory Commission (NJ-CRC) that adult-use sales hit $116,572,533 between July and September, up 46 percent from the previous quarterly total of $79,698,831.

Overall, sales of medical Marijuana were up from the previous quarter’s total of $59,262,014, to the current total of $61,138,231. But the state’s booming recreational sector was the primary driver of the overall growth. In a news release, NJ-CRC Director Jeff Brown remarked, “New Jersey is merely seeing the beginning of what is possible with cannabis.”

New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

Including 15 dispensary licenses, Jeff Brown announced that New Jersey had given a total of 36 yearly licenses for the sale of recreational cannabis. There will be substantial market growth attributable to just those companies. We anticipate a rise in patronage and a reduction in prices as a result of expansion into new markets and the introduction of new competitors.

The state’s adult-use market opened in late April, and in the first 10 weeks, officials reported collecting roughly $5 million in marijuana tax money. The third quarter of 2022 saw sales that were more than three times as high as the first quarter before recreational sales had even begun. NJ-CRC Chairwoman Dianna Houenou has expressed hope that local small businesses will enter this profitable industry.

New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

We are preparing the way for them to participate through our priority application process and through new initiatives such as the Cannabis Training Academy, which will be offered by the New Jersey Business Action Center at no cost in early 2023. The granting of permits for “public cannabis consumption spaces,”

which will give adults and patients a place to take the drug in a social setting, this is another way the market is projected to grow. Rules for that sort of license were just recently authorized by the authorities. In a similar vein, Democratic New Jersey Governor Phil Murphy has suggested that the state “revisit” its existing illegality of growing marijuana for personal use; however, Murphy believes this discussion should take place after the commercial market has developed.

New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

A bill to protect financial institutions that do business with legal marijuana businesses was passed by a New Jersey Assembly committee this month. As the federal government continues to prohibit the marijuana industry from taking deductions under Internal Revenue Service (IRS) rule 280E,

The full Assembly approved a bill in October that would allow licensed Marijuana businesses to deduct some expenses on their state tax filings. Separately, a bill introduced in the summer by Senate President Nicholas Scutari (D) would permit the governor to enter into agreements with other jurisdictions that have legalized marijuana to facilitate interstate commerce.

New Jersey Adult-Use Sale Of Marijuana Hit $100 Million For First Time In Latest Quarter!

Forging these agreements, however, is contingent upon either a change in federal law or the issuance of guidelines from the Justice Department. The president of the New Jersey Senate has introduced separate legislation to legalize psilocybin, which contains provisions to allow for the home cultivation of the psychedelic substance.

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