New Jersey’s First-Day Marijuana Buyers Spent $153 Apiece
(Bloomberg) -- Thousands of people who lined up for the first day of legal retail sales at New Jersey’s marijuana dispensaries ended up spending around $153 apiece.
Dispensaries grossed $1.9 million from sales of weed and related products to 12,438 customers on the first sales day, April 21, according to the state cannabis commission.
Twelve of the 13 authorized sales locations were open that day, some with lines of hundreds of people. New Jersey voters approved the legalization of adult-use recreational marijuana in November 2020, and the regulatory framework took another 17 months.
Over the past 30 days, medical marijuana sales also have been brisk, with an estimated distribution of 64,000 ounces, or 4,000 pounds (1,814 kilograms), according to the commission, which regulates New Jersey’s cannabis industry.
Recreational cannabis in the state is sold legally only by dispensaries that initially were licensed for medical purposes. More typical retail shops will come later. The dispensaries have promised to prioritize the 128,000 New Jerseyans who have a physician-certified need for pot. New Jersey subjects recreational cannabis to the state’s 6.625% sales tax as well as additional local and excise taxes.
“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” Jeff Brown, executive director of the commission, said in a statement. The regulators had no reports of medical-use shortages, he said.
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