said New Jersey Cannabis Regulatory Commission on August 12, 2020.
Adult cannabis sales in New Jersey from April 21 to June 30 generated $79.7 million in sales, or an average of $8 million per week, according to the state Cannabis Regulatory Commission (“CRC”) which released the figures on Friday, August 12, 2020. That’s an average weekly haul of nearly $8 million from adult marijuana sales during the 10-week period. In addition, more than $59.2 million in total medical marijuana was sold during the same time frame. The state’s cut was $4.65 million in tax revenue from the sale of adult weed. The amount closely aligns with the $4 million that Gov. Phil Murphy projected that adult recreational weed sales would generate in state taxes by the end of the fiscal year that ended June 30, 2022.
Indeed, Murphy’s $50.6 billion budget expects the state to take in $19 million from adult legal weed taxes for the new fiscal year that runs through next June 30. The governor’s office said that’s based on the 6.625% sales tax if applied to total cannabis sales.
The tax revenue certifications revealed on Friday came from New Jersey’s Department of the Treasury Division of Revenue and Enterprise Services. The total amount of gross sales from both adult and medical marijuana sales resulted in a total of $138.9 million for operators.
CRC Chair Dianna Houenou said, “We see robust sales numbers of adult recreational marijuana. New Jerseyans are looking forward to supporting new businesses – which will increase sales figures and generate more revenue to be reinvested in our communities. We are working to make that happen. We are issuing awards to start new businesses on their path to operation and look forward to the industry growth we see coming in the near future.”
Notwithstanding the robust legal marijuana market in New Jersey, our proprietary G-101 algorithm estimates illegal sales were $45 million from January 1, 2022, to July 31, 2022.