New Jersey’s legal cannabis sales have really been taking off and per capita spend reveals an eye-popping figure.
According to the state’s Cannabis Regulatory Commission, New Jersey’s combined medical and recreational cannabis sales surpassed $1 billion in 2024 – a milestone reached on December 21. This is nearly a 25% increase from the previous year’s total of $800,279,300.
While New Jersey is the fifth-smallest state in land area, it has a total population of around 9.5 million and an estimated adult population of 5.7 million. So, that works out as an adult per-capita spend of $175 in 2024. However, out-of-state patients can also buy cannabis in New Jersey if they are registered with NJ’s program.
Adult-use cannabis sales in New Jersey commenced in April 2022, and since that time the state’s cannabis market has generated more than $2 billion in total revenue. There are now more than 190 licensed dispensaries across the state.
“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.
But while the recreational market has been going gangbusters, the state’s medical cannabis program has been languishing. This is commonly the case in medical states that go on to legalize cannabis for the adult use market.
The state’s medical program kicked off in 2019, hitting its peak in May 2022 with 129,369 registered patients. This month, the number of registered patients was noted as just 66,678 – nearly half what it was just two and half years ago.
Officials have made various attempts to stem the exodus, including slashing registration and renewal fees for enrolled patients and their caregivers just over a year ago. Other benefits for registered patients include discounts, waived taxes and higher purchase limits. That obviously hasn’t been enough.
But CRC officials are focusing on overall success of legal cannabis in the state.
“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.”
It’s an industry that is also making a significant contribution to state coffers. All recreational cannabis sales are subject to the New Jersey Sales and Use Tax, which is currently 6.625%. There’s also a Social Equity Excise Fee (SEEF) for cultivators, which was $1.24 per ounce in 2024 and will jump to $2.50 per ounce in 2025.
