The New Jersey governor’s office is celebrating the opening of more than 100 marijuana stores in the state.
The New Jersey Cannabis Regulatory Commission’s website lists 102 medical cannabis dispensaries and adult-use stores, according to a news release.
The commission’s executive director, Jeff Brown, said he expects regulated cannabis sales to exceed $1 billion in 2024, according to Iselin-based news outlet NJ.com.
In 2023, adult-use sales in New Jersey totaled more than $673 million and MMJ transactions were more than $99 million.
When adult-use sales launched in 2022, the total New Jersey market was projected to be worth $2 billion.
Multistate operators who were already operating in the medical market were the first to receive adult-use licenses.
More recently, critics have alleged regulators aren’t processing license applications quickly enough and that New Jersey’s fledgling adult-use market is caught in a “doom loop.”
“Reaching 100 cannabis dispensaries is a huge milestone that shows we are headed in the right direction,” Gov. Phil Murphy, a Democrat, said in a statement.
“As we continue towards our goals for the cannabis market in New Jersey, I am grateful to the Cannabis Regulatory Commission for their dedicated work and leadership on this critical area of our economy.”
