New Jersey rakes in over $24M in first month of recreational pot sales

[Kamaji]

New Jersey rakes in over $24M in first month of recreational pot sales

By Patrick Reilly
May 26, 2022

The green is flowing in New Jersey.

The Garden State raked in over $24 million dollars in recreational marijuana sales in the industry’s first month, according to the state Cannabis Regulatory Commission.

Since a dozen dispensaries in New Jersey first opened for operation on April 21, recreational marijuana sales averaged nearly $5 million per week for a total of $24,201,875.38 from 212,433 transactions, NJ.com first reported.

Jeff Brown, executive director for the CRC, said there is still room for substantial growth in the market as the commission approved an additional five dispensaries across the state.

“While this $24 million number sounds big, it does underlie the fact that there’s a tremendous amount of opportunity still in this market for new businesses to come in and serve this market and be successful,” Brown said at the CRC’s monthly meeting on Tuesday.

“We anticipate this will ramp up, particularly as new dispensaries are approved and new cultivators are approved,” he added.

Recreational marijuana sales are subject to a 6.625% sales tax by the state as well as additional local and excise taxes, according to NJ.com.

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Source:  https://nypost.com/2022/05/26/nj-rakes-in-over-24m-in-first-month-of-recreational-pot-sales/

[Hoodat]

Weed sales cost New Jersey buyers $24 million in first month.

[Kamaji]

Weed sales cost New Jersey buyers $24 million in first month.

That assumes that all the buyers were from NJ.  Recreational marijuana still can't be sold in Delaware or PA, to my knowledge, so there may have been people crossing into NJ to surreptitiously buy and then take home.

[Wingnut]

Weed sales cost New Jersey buyers $24 million in first month.

Like everything Gov does they will tax the hell out of it and sales will move back underground to the local street dealer.

[Kamaji]

Like everything Gov does they will tax the hell out of it and sales will move back underground to the local street dealer.

Right now I believe NJ only imposes the regular state and local sales taxes.

[Gefn]

Right now I believe NJ only imposes the regular state and local sales taxes.

 

[Kamaji]

Right now I believe NJ only imposes the regular state and local sales taxes.

And, since I believe that NJ's state sales tax is less than NY's state sales tax, by about 2 percentage points, there is an incentive for NY'ers to cross the Hudson and go buy in NJ.

[Free Vulcan]

And no doubt now that they have that $24M they'll increase spending by $48M, and accordingly thereafter.