New Jerseyans spent $24 million on weed during the first month of recreational sales, roughly $5 million a week after a record-breaking first day when $2 million worth of cannabis was purchased.
Cantor Fitzgerald’s analyst Pablo Zuanic said in his recent note that New Jersey saw a “slow rec start” as its first month of sales equaled $31 per capita spent, compared to $126 in New Mexico.
The Land of Enchantment kicked off sales a year after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act in April 2021, legalizing adult-use cannabis. In the first month, New Mexicans bought $22.1 million worth of cannabis.
The Market Will Grow Despite Slow Start
Still, the analyst said that New Jersey’s recreational market will grow “as supplies increase and more stores open.”
Jeff Brown, executive director of the state’s Cannabis Regulatory Commission agrees.
On Tuesday, the regulatory body approved five additional permits for medical-only dispensaries to sell adult-use cannabis.
Brown called the move “only a beginning,” adding that “there’s a lot of growth left in this market.”
The adult-use market in the Garden State kicked off on April 21, after the Cannabis Regulatory Commission gave the green light to sell adult-use cannabis to seven alternative treatment centers, which are multi-state operators.
The new retail shops include Garden State Dispensaries in Woodbridge, Union, and Eatontown, The Apothecarium in Lodi and Ascend Wellness in Montclair….
