New Jersey cannabis sales top $1B in 2024 as recreational market expands
New Jersey’s regulated cannabis market topped $1 billion in sales in 2024, driven by a growing network of retail stores and strong recreational demand, state regulators reported over the holiday break.
The milestone, reached on Dec. 21 with total sales of $1,004,826,946, represents a roughly 25% jump from 2023’s $800.3 million in combined medical and recreational sales, according to the New Jersey Cannabis Regulatory Commission.
Adult-use cannabis revenue has shown steady quarter-over-quarter growth throughout the year. Recreational sales reached $257.8 million in the third quarter, up from $247.3 million in the second quarter and $217.7 million in the first, commission data shows. Full fourth-quarter details have not been released yet.
The expanding market now includes more than 190 licensed dispensaries across the state.
“This momentum sets a solid foundation for continued success in the years ahead,” NJ-CRC Acting Executive Director Christopher Riggs said in a statement.
According to the Dec. 23 news release, the market set single-day sales records during two major cannabis shopping events. Green Wednesday, the day before Thanksgiving, saw $6 million in sales, narrowly beating the traditional April 20 cannabis holiday’s $5.8 million, regulators reported.
Medical marijuana sales have declined steadily. The segment recorded $19.7 million in third-quarter 2024 sales, down from $22.7 million in the second quarter and $24.5 million in the first, according to July-September 2024 state data.
Through September, recreational cannabis sales generated $43.3 million in tax revenue for 2024. The state also collected $2.25 million in Social Equity Excise Fees, which fund community programs in areas impacted by previous marijuana criminalization.
New Jersey has accumulated more than $2 billion in total cannabis sales since launching its adult-use market in April 2022, the commission noted.
“The continued growth of New Jersey’s cannabis market reflects our dedication to creating a marketplace that benefits everyone – consumers, businesses, and communities alike,” Commission Chair Dianna Houenou said.
