New Jersey’s Cannabis Market Hits $1 Billion in Revenue in 2024
New Jersey’s Cannabis Market Hits Billion Dollar Milestone in 2024
New Jersey’s legal cannabis industry hit a major milestone last year, surpassing the billion dollar mark in total revenue. According to figures from the Cannabis Regulatory Commission, the state’s legal weed businesses brought in a total of $1.004 billion in 2024, marking a 25% increase from the previous year.
The industry, which was established four years ago when Gov. Phil Murphy signed the law allowing for adult use cannabis, has been steadily growing. In addition to generating revenue for businesses, the industry also contributes to tax revenue on both the state and local level. Towns have the option to license cannabis businesses and impose a local tax, while the state can levy a tax on cultivators.
In September, tax revenue from the cannabis industry was estimated at $43 million, providing a much-needed boost to the state’s coffers as it faces budget challenges. State leaders had predicted that the cannabis industry could become a significant source of revenue for New Jersey.
Since the start of legal weed sales in April 2022, the market has generated a total of $2 billion in revenue, with over 190 dispensaries now operating throughout the state. Former Cannabis Regulatory Commission director Jeff Brown had predicted last February that the market would exceed $1 billion, a prediction that has now come to fruition.
Current acting director Chris Riggs expressed optimism about the future growth of the industry, stating, “We are proud of the remarkable growth achieved in 2024, which highlights the growing trust consumers have in New Jersey’s regulated cannabis market and the economic opportunities it provides for businesses of all sizes and classes. This momentum sets a solid foundation for continued success in the years ahead.”
The success of New Jersey’s cannabis market is a testament to the growing acceptance and popularity of legal weed in the state, and it is expected to continue to thrive in the coming years.
By Jelani Gibson, [email protected]. Follow him on Twitter at @jelanigibson1 and on LinkedIn.
