Last week, the state of New Jersey released ITS latest sales figures, which show that adult-use cannabis sales surpassed $100 million for the first time during the third quarter of this fiscal year. New Jersey’s adult-use market was officially launched in April of this year. During the first 10 weeks of sales, the state raked in almost $5 million in cannabis tax revenue.
The state’s Cannabis Regulatory Commission reported that adult-use marijuana sales between July and September totaled $116,572,533. This represents a 46% increase from the $79,698,831 recorded in the second quarter. Medical cannabis sales also grew slightly, moving to $61,138,231 from the $59,262,014 recorded in the previous quarter. In total, recreational and medical marijuana purchases in New Jersey added up to $177, 710, 764.
In a press release, the executive director of the New Jersey Cannabis Regulatory Commission, Jeff Brown, stated that this was only the beginning of what was possible for marijuana. He explained that the commission had awarded 36 licenses for recreational marijuana businesses to entrepreneurs in the state, including 15 annual licenses for dispensaries.mBrown noted that greater competition and more locations would significantly grow the market while also growing marijuana’s consumer base and reducing product prices.
Dianna Houenou, the chairwoman of the state’s Cannabis Regulatory Commission, stated that the commission looked forward to seeing local, small entrepreneurs taking part in this profitable market. Houenou added that new initiatives and the priority application process that will be launched in 2023 by the New Jersey Business Action Center would make it easier for more individuals to be included in the market.
Officials also expect the state’s industry to expand as more licenses for public marijuana consumption areas are approved. These areas offer a social- use option to patients and adults. Regulators in New Jersey approved regulations for this type of license a few weeks ago.
Recently, an assembly committee in New Jersey passed a measure that would offer state-level protections for insurers and banks that worked with licensed cannabis businesses. This comes after the full assembly passed a resolution a few months ago that would permit licensed cannabis businesses to deduct specific expenses on their state tax returns. This is said to be a partial remedy as the industry is still hindered from making federal deductions under Section 280E of the Internal Revenue Code.
In other news, Governor Phil Murphy of New Jersey revealed that the state planned to revisit the criminalization of homegrown cannabis for personal use in the future, after the commercial market had matured. The possibility of revising the marijuana law in New Jersey to allow home cultivation of the plant, if implemented, could expose NJ residents to modern indoor cultivation equipment for enterprises such as Advanced Container Technologies Inc. (OTC: ACTX).
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