New Jersey recreational dispensary sales for the first quarter of 2024 increased 38% over the same time last year. But local ownership questions remain.
Sales from January 2024 to March 2024 totaled more than $201million. From last January to March 2023, sales were generated by 24 licensed NJ recreational dispensaries.
The number increased by 96 to 130 licensed dispensaries open by the end of Q1 2024.
The pace of openings has become so quick that sometimes multiple dispensaries open on the same day.
“The significant growth in sales year over year is an indication of the strong potential of New Jersey’s cannabis market,” declared New Jersey Cannabis Regulatory Commission (NJCRC) Executive Director Jeff Brown.
“We anticipate that as even more dispensaries open across the state, new brands are introduced to the market, and cannabis becomes less stigmatized, sales numbers will continue to go up,” he argued.
4/20 Helps New Jersey Dispensary Sales
New Jersey recreational dispensary sales also hit historical highs the weekend of the cannabis holiday, 4/20. On Friday, April 19, New Jerseyans bought $4,028,365 in recreational cannabis flower and other products. New Jersey cannabis consumers then topped that figure on Saturday, 4/20, with $5,219,294.
In addition,
