NJ Cannabis Sales Surpass $1 Billion Record in 2024

TRENTON – New Jersey’s cannabis market surpassed $1 billion in combined medicinal and recreational cannabis sales in 2024, marking a nearly 25% increase from the previous year’s total of $800,279,300 and underscoring the robust growth of the Garden State’s regulated cannabis industry.

On Saturday, December 21, sales hit the billion-dollar mark, ending the day at $1,004,826,946. Since the start of adult-use cannabis sales in April 2022, New Jersey’s cannabis market has generated more than $2 billion in total revenue. 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, 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.”

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. 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.

The commitment to an equitable and fair cannabis industry remains at the forefront of the New Jersey Cannabis Regulatory Commission’s mission. In just the third quarter of 2024, Social Equity Excise Fees collected amounted to nearly $1 million. Cumulatively since 2022, a total of $6,140,461 has been collected to support education, economic development, and social services for individuals and communities negatively impacted 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 and inclusion and regulatory compliance, we are setting the standard for what a thriving, responsible cannabis industry should look like.”

The New Jersey Cannabis Regulatory Commission establishes and enforces the rules and regulations governing the licensing, cultivation, testing, selling, and purchasing of cannabis in the state.