Move over, NY. NJ’s got a billion-dollar cannabis market

NJ, NJ
New Jersey’s billion-dollar cannabis market 💰

Move over, New York: Neighboring New Jersey sold $1 billion worth of cannabis last year, according to numbers released by the state’s Cannabis Regulatory Commission (CRC).

Zoom in: While New York steals the headlines, Jersey’s cannabis industry is cranking. Legal shops in the state sold just over $1 billion worth of cannabis in 2024, a 25% increase over 2023, reports NJ.com.

The CRC says those sales drove an estimated $43 million of tax revenue for the state. 

What they’re saying: “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,” Chris Riggs, the acting director of the CRC, said. 

“This momentum sets a solid foundation for continued success in the years ahead.”

And more: Ohio, which opened its legal cannabis market earlier this year, sold $242 million worth of pot, reports the Ohio Capital Journal. 

-JB

“Why do you think we’re having such difficult problems figuring out where to put the marijuana dispensaries?,” Outgoing Maryland Gov. John Carney, a Democrat, told Spotlight Delaware. 

“People think, ‘Oh, it’s okay—but not in my neighborhood.’ And it doesn’t matter what neighborhood you live in. Nobody wants that liquor store. Nobody wants that marijuana dispensary down the corner.”

Carney allowed the bill that legalized cannabis in the state to become law without his signature.

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