NEW JERSEY — The cannabis industry in New Jersey is now a billion-dollar-a-year business, state officials recently announced.

On Dec. 21, New Jersey’s legal marijuana market surpassed $1 billion in combined medicinal and recreational sales for 2024, marking a nearly 25 percent increase from the previous year’s total.

As of the end of the last official quarterly report in September, recreational cannabis sales had totaled $789,848,253 – generating tax revenue of $43,290,543.

Since the start of adult-use cannabis sales in April 2022, the state’s legal marijuana market has generated more than $2 billion in total revenue, according to the New Jersey Cannabis Regulatory Commission (NJCRC).

Sales have been bolstered by an expanding number of licensed dispensaries – now totaling more than 190 locations across the state – and a steadily increasing demand for safe and regulated cannabis products, officials said.

Two popular marijuana “holidays” helped to push sales over the billion-dollar mark this year, officials added:

“Recreational cannabis sales hit historical highs this year during the 4/20 and Green Wednesday cannabis holidays. The biggest single day of statewide sales, and the busiest cannabis shopping day, was on Green Wednesday: the day before Thanksgiving Day. Sales on that day totaled $6,003,300, slightly surpassing 4/20 sales of $5,811,632.”

Meanwhile, “social equity fees” attached to cannabis sales raised nearly $1 million during the third quarter of the year alone. Since 2022, a total of $6,140,461 has been collected to support education, economic development and social services for people and communities negatively impacted by cannabis criminalization.

“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,” NJCRC acting executive director Christopher Riggs said.

“The continued growth of New Jersey’s cannabis market reflects our dedication to creating a marketplace that benefits everyone: consumers, businesses and communities alike,” NJCRC chair Dianna Houenou agreed.

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