TRENTON — New Jersey raised more than $4.6 million in tax revenue in the first 10 weeks of legal weed sales in the Garden State.
Nearly $79.7 million in total recreational marijuana sales were recorded between April 21 and June 30, the end of the second fiscal quarter, according to the New Jersey Cannabis Regulatory Commission and the US Treasury Department. ‘State.
Over $59.2 million worth of medical marijuana was sold in the same quarter.
“The market is improving. It is operating as expected with the current number of dispensaries, location distribution and high prices,” CRC Executive Director Jeff Brown said in a statement. “As more cannabis companies go online, consumers won’t have to travel as far to make purchases, and prices will drop with increased competition. The market will do even better.
There are currently 18 medical marijuana dispensaries in New Jersey licensed to sell cannabis to recreational customers, with one additional location – Ascend in Montclair – approved by the state but pending a local license. Since May, the CRC has issued another 140 conditional legal weed dispensary licenses.
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“Conditional” licenses are granted to applicants who may not have finalized a location, but often need the state license to secure a site.
“New Jerseyans are eager to support new businesses – which will increase sales numbers and generate more revenue to reinvest in our communities,” said CRC President Dianna Houneou. companies on the path to exploitation and we look forward to the industry growth that we see coming in the near future. »
Tax revenue includes $219,482 in social equity excise duties, which are levied on cannabis growers — and passed on to retailers and customers — at the rate of $1.10 per ounce of cannabis, according to the department. of the Treasury.
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According to New Jersey’s marijuana legalization laws, at least 70% of all tax revenue – including all social equity excise tax revenue – is directed to investment in “destination zones”. ‘impact’, defined as cities with high crime rates and unemployment rates for their population.
Legal weed laws dictate that, beginning nine months after the first Social Equity Fee is collected, CRC may – but is not obligated to – change the fee to between $10 and $60 per ounce. , based on the average retail price of cannabis. .
As part of this, the retail price goes down, the fees go up to ensure the impact areas are still funded by tax revenue.
Mike Davis has spent the past decade covering local New Jersey news, marijuana legalization, transportation, and a bit of everything in between. He has won a few awards that make his parents very proud. Contact him at [email protected] or @byMikeDavis on Twitter.
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