New Jersey Had Record Cannabis Sales In 2023

Since New Jersey voters selected "Yes" to the Marijuana Legalization Amendment by a two-thirds majority in the 2020 General Election, the state has made a methodical transition to legalize Cannabis.

The industry has been growing as the New Jersey Cannabis Regulatory Commission has now licensed over 100 dispensaries. In New Jersey, residents can purchase Recreational Cannabis in regulated amounts while Medicinal Cannabis is available to people who have specific medical clearance.

According to information gathered by NJ Biz from the New Jersey CRC, the state set new records for Cannabis sales in 2023. After a record fourth quarter with $192.6 Million in Cannabis sales from October to December, New Jersey finished the 2023 Calendar year with a total of $800.2 million generated from Recreational and Medicinal Cannabis purchases.

The Cannabis Industry is now one of the largest financial producers in the state of New Jersey and the expectation is that will not slow down anytime soon.  In a state where Sports Gambling crossed the one billion dollar revenue mark in 2023, it doesn't surprise anyone that Cannabis isn't far behind.

NJ Biz reports that 2,500 applicants have made submissions for licenses with 1,344 applicants receiving conditional licenses. Of those Conditional License Holders, 209 have been awarded Cannabis Operating Licenses from the CRC.

There are already plans in motion for two more Cannabis Outlets coming to South Jersey: one operated by a national company, INSA, receiving the first round of approvals to open an outlet in Middle Township, and a local small business Seaweed Land LLC gaining approvals to construct a full-service Cannabis facility at the Woodbine Airport Complex.