'A Huge Milestone': New Jersey Surpasses 100 Cannabis Dispensaries In Rapid Expansion

New Jersey’s cannabis industry now boasts 126 dispensaries as of May 2024.

This rapid expansion follows the legalization of adult-use cannabis sales less than two years ago and highlights the booming cannabis market.

Governor Murphy Praises Progress

Governor Phil Murphy celebrated this milestone, reflecting on the progress made since establishing the New Jersey Cannabis Regulatory Commission (NJ-CRC).

“Reaching 100 cannabis dispensaries is a huge milestone that shows we are headed in the right direction,” Murphy said in a prepared statement. “I am grateful to the Cannabis Regulatory Commission for their dedicated work and leadership in this critical area of our economy.”

Jeff Brown, NJ-CRC's executive director, expressed enthusiasm about the industry’s swift growth.

Brown previously worked with the state’s Medicinal Marijuana Program and now oversees the broader regulatory framework for cannabis. He emphasized that the rise from 12 alternative treatment centers to over 100 dispensaries illustrates the strong consumer demand and market potential in New Jersey.

Financial Milestones

The financial impact of this growth is significant. Recreational cannabis sales reached nearly $674 million in 2023, while medicinal cannabis sales approached $100 million in the first three quarters. Brown anticipates that these numbers will continue to increase, indicating a healthy market.

Dispensary Distribution Across the State

Despite over 60% of New Jersey municipalities opting out of hosting cannabis businesses, the state has managed to establish dispensaries in every county. As of mid-February, the NJ-CRC’s directory listed 40 dispensaries serving both medical and recreational customers, 12 dedicated to medical patients, and 50 catering solely to recreational users.

Broader Business Environment

In addition to dispensaries, New Jersey's cannabis industry includes over 200 operating licenses for various businesses, including 23 cultivators and 15 manufacturers. Brown expects the growing number of businesses to create a competitive market, benefiting consumers with better prices and product availability.

Dianna Houenou, the chair of NJ-CRC, emphasized the Commission’s commitment to creating a balanced market that prioritizes patient access, public safety, and equity. She expressed optimism about the industry’s future, hoping that more municipalities will embrace cannabis businesses, thereby expanding opportunities for entrepreneurs and providing consumers with more options.

Benzinga Cannabis Market Spotlight: New Jersey

In light of these developments, Benzinga is hosting its next regional spotlight event in New Jersey on June 17, 2024, at the New Brunswick Performing Arts Center.

Following a successful session in California, this event will focus on New Jersey's expanding cannabis market.

Attendees will have the opportunity to network with industry leaders, discuss regulatory challenges, and explore the potential of transitioning from an illicit market to a regulated one.

New Jersey’s cannabis market is thriving, marked by the milestone of surpassing 100 dispensaries. As the state continues to develop its regulatory framework and market infrastructure, the future looks promising for consumers and businesses alike.

Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors, and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

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