New Jersey’s regulated cannabis industry achieved a major milestone in 2024, surpassing $1 billion in combined medicinal and recreational cannabis sales. This marks a nearly 25% increase from 2023’s total of $800.3 million, showcasing the robust expansion of the Garden State’s cannabis market.
Cannabis Market Growth Metrics
The billion-dollar milestone was reached on Saturday, December 21, with total sales recorded at $1,004,826,946 by the end of the day. Since adult-use cannabis sales began in April 2022, the state’s cannabis market has generated over $2 billion in revenue. Sales have been fueled by a growing number of licensed dispensaries, which now exceed 190 statewide, and an increasing demand for regulated cannabis products.
“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,” said NJ-CRC Acting Executive Director Christopher Riggs. “This momentum sets a solid foundation for continued success in the years ahead.”
Record-Breaking Sales Days
Recreational cannabis sales reached historic highs during key cannabis holidays in 2024, particularly on Green Wednesday—the day before Thanksgiving—and April 20 (4/20). Green Wednesday emerged as the busiest day, with sales hitting $6,003,300, narrowly surpassing 4/20 sales of $5,811,632. By the end of the third quarter, recreational cannabis sales totaled $789,848,253, contributing $43,290,543 in tax revenue.
Commitment to Equity and Social Justice
Equity and social responsibility remain central to the New Jersey Cannabis Regulatory Commission’s mission. In the third quarter of 2024 alone, Social Equity Excise Fees collected nearly $1 million, bringing the cumulative total to $6,140,461 since 2022. These funds support education, economic development, and social services for communities disproportionately affected by cannabis criminalization.
“The continued growth of New Jersey’s cannabis market reflects our dedication to creating a marketplace that benefits everyone—consumers, businesses, and communities alike,” said NJ-CRC Chair Dianna Houenou. “By prioritizing equity, inclusion, and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like.”
Industry Outlook
With the cannabis market achieving unprecedented growth in 2024, New Jersey continues to solidify its position as a leader in the regulated cannabis industry. The combination of increasing dispensary access, consumer trust, and equitable industry practices lays the groundwork for sustained success in the years to come.