“It’s actually solely a starting, and I feel it reveals that there’s lots of development left on this market.”
By Sophie Nieto-Muñoz, New Jersey Monitor
One month into the nascent hashish trade’s launch, customers have bought $24 million in leisure marijuana, regulators mentioned throughout a gathering Tuesday the place extra permits for dispensaries have been accredited.
One other 5 medical-only dispensaries will quickly be capable of begin promoting adult-use hashish, becoming a member of the 12 dispensaries that began promoting leisure marijuana on April 21. The brand new areas will probably be Backyard State Dispensaries in Woodbridge, Union, and Eatontown; The Apothecarium in Lodi; and Ascend in Montclair.
“It’s actually solely a starting, and I feel it reveals that there’s lots of development left on this market,” mentioned Jeff Brown, government director of the Hashish Regulatory Fee, which oversees the state’s marijuana market.
The $24 million in sales on the 12 dispensaries that may promote leisure hashish—a thirteenth location didn’t get remaining approval till two weeks in the past—is decrease in comparison with different states. In Arizona, which launched its market at 73 services, the state reported $32 million in gross sales within the first full month the market was open. In New Mexico, which launched in April with not less than 100 shops, gross sales reached almost $40 million.
New Jersey dispensaries introduced in about $5 million every week complete. The fee expects that quantity to balloon as extra licenses are accredited.
A complete of 46 conditional licenses have been awarded at Tuesday’s assembly: 22 for cultivators, 13 for producers, and 11 for leisure retailers. 4 testing labs have been additionally accredited to start working.
It’s not clear when the leisure retailers can start gross sales. There are nonetheless native regulatory hurdles for homeowners to clear.
The fee additionally eliminated the “medical solely” rule for licenses it awarded within the 2019 utility cycle, which implies as a substitute of working not less than one 12 months as a medical dispensary, licensees want solely to show they’ve sufficient provide for each medical and leisure demand.
Brown mentioned the fee will concern quarterly studies beginning subsequent month on the variety of licensees who’re folks of coloration, ladies and veterans. The state’s marijuana legislation requires these teams comprise 30 % of licensees.
The fee’s subsequent assembly is scheduled for June 23.