New Jersey is definitely the shining star when it comes the legal weed market.
New York City is the supposed to be the crossroads of the world…but it seems things are more headed to the Jersey shore. With their neighbor’s chaotic rollout of legal cannabis, it seems New Jersey is taking a huge bite of the Big Apple’s weed – at least the legal part of it! New Jersey’s cannabis market earned $800+ million in medicinal and recreational cannabis sales in 2023. That is compared to New York’s $174 million.
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New Jeresy’s rollout of legal cannabis has been smooth and well received by the population and consumers. Their program was up and running in April of 2022 and the industry brought in a healthy $555+ million in 9 months. The tax revenue has been a boon for the state and there hasn’t been in major hiccups. This is great compared to their next door neighbor which seems to lurch from issue to issue.
Leading analyst firm BDSA which also including cannabis predicts if New York State is able to correct the mess left in the rollout – they can be the #1 market and possibly be the first state to hit $2 billion. It is estimated the licensed businesses lost $1.2+ billion in revenue to the illegal stores just in 2023. And the state lost tax revenue on the amount.
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New Jersey Cannabis Regulatory Commission (NJ-CRC) Executive Director Jeff Brown predicts they state will be the premier region for cannabis sales. Ultimately it will be good for state coffers. The negative is the only big money difference from the Big Apple is in legal and tax revenue. New York still has over 1,500 illicit dispensaries in New York City alone. The business is there, they just are contributing to the black market which goes unregulated, unrecorded and undisciplined.
Currently, in their mid-range predictions, BDSA has faith New York will course correct and be the top state with New Jersey second.
