Vices New Jersey’s Legal Cannabis Market Posts Strong Sales In First Three Months After Launch Iris Dorbian Contributor Opinions expressed by Forbes Contributors are their own. I cover the business of cannabis. New! Follow this author to stay notified about their latest stories.
Got it! Aug 24, 2022, 01:32pm EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin A customer receives their order from an employee at Apothecarium Dispensary on April 21, 2022, in . . .
[+] Maplewood, New Jersey. (Photo by Michael M. Santiago/Getty Images) Getty Images Good news for the Garden State! New Jersey pulled in a whopping $200 million in sales from April 21, 2022, the first day of the rollout of the legal cannabis market, to the period ending July 31, 2022.
The nascent market was so robust for that three-month period, it outpaced all other adult-use markets tracked by top cannabis researcher BDSA. Other key findings about the New Jersey market, according to BDSA, include: ● Dollar sales have seen a compound monthly growth rate of approximately 10% from May to July 2022, compared to Illinois which posted a compound monthly growth rate of just 3% in its first three full months of adult-use sales; ● 50% of those surveyed in New Jersey claim to be past six-month consumers, an approximate 15% increase in consumer penetration since spring 2020; and, ● Flower typically holds a approximate 40% share of dollar sales in other markets, but made up about 50% of dollar sales and about 45% of unit sales in July 2022 in New Jersey. As one of the first adult-use markets in the Northeast region, New Jersey’s market has likely been the beneficiary of cross-border buying from other consumers in the metropolitan tri-state area, as New York and Connecticut consumers are still awaiting legal access in their respective states.
When asked if there were any findings about the New Jersey market he found intriguing, BDSO CEO Roy Bingham said, “I found it surprising that people from New Jersey are much more likely to cite managing anxiety and relaxation as primary drivers of consumption than the rest of adult use state consumers–more than 50% more likely. Are people from New Jersey more stressed, or are they more aware that cannabis can help them with anxiety and relaxation?” MORE FOR YOU The Making Of New York’s $150 Million ‘Cannabis Campus’ Blackstone To Sell The Cosmopolitan Of Las Vegas For $5. 65 Billion The Feds Are Coming For Delta-8 THC Considering the state’s staggeringly high property taxes, Garden State residents (including yours truly) might deem that to be a rhetorical question.
In addition to New Jersey, BDSA is currently tracking 13 U. S. markets that include Arizona, California, Massachusetts, Oregon, Pennsylvania and Nevada.
Headquartered in Louisville, Colorado, BDSA covers the legal cannabis market including the U. S. , Canada, and global markets.
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From: forbes
URL: https://www.forbes.com/sites/irisdorbian/2022/08/24/garden-states-legal-cannabis-market-posts-strong-sales-in-first-three-months-after-launch/
