How much did New Jerseyers spend on weed in the first month of legal sale? A lot
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Now that a month has passed since New Jersey began its long-awaited recreational cannabis sales, state regulators announced that consumers have purchased $24 million worth of cannabis, or about $5 million per week after a record-breaking first day of spending $2 million.
At a meeting Tuesday, reported by the New Jersey Monitor, the Cannabis Regulatory Commission approved five additional permits for medicinal-only dispensaries to begin selling adult-use cannabis.
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New retail locations include Garden State Dispensaries in Woodbridge, Union and Eatontown, The Apothecarium in Lodi and Ascend Wellness in Montclair. They join the other 12 pharmacies that started selling last month. The 13th location only received final approval two weeks ago.
“This is really just a start, and I think it shows that there is still a lot of growth to come in this market,” said Jeff Brown, executive director of the Cannabis Regulatory Commission.
In addition, a total of 46 conditional licenses were granted during the meeting, including 22 for breeders, 13 for manufacturers and 11 for recreational retailers.
While it’s not yet clear when the newly licensed stores will begin selling recreational marijuana products, the commission’s next meeting is expected to be held on June 23.
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The state regulator initially gave the go-ahead for the sale of adult-use cannabis to seven alternative treatment centers, which are multi-state operators including Acreage Holdings, Inc., Ascend Wellness Holdings, Curaleaf Holdings, Inc., Green Thumb Industries Inc. , Columbia Care Inc., TerrAscend Corp. and Verano Holdings Corp. at 13 locations across the state.
This article originally appeared on Benzinga and has been republished with permission.
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