The NJ-Cannabis Regulatory Commission (NJ-CRC) announced there are 323 legal cannabis dispensaries open across the state as the NJ cannabis market has grown steadily.
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NJ Cannabis Market Progress
“We have more than 300 dispensaries in all 21 counties currently!” NJ Acting Executive Director Christopher Riggs exclaimed.
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New Jersey had been around 300 for a while. There have been about a half dozen dispensaries that closed, including those owned by celebrities, while others opened elsewhere.
He explained how the adult-use market revenue keeps increasing every quarter of the year, while medical cannabis revenue has been declining.
Competitive Cannabis Prices and Seasonal Patterns
Riggs explained there has been a 48 percent decline in adult-use cannabis prices since January 2023. At the same time, sales are up 52 percent, and transactions are up 74 percent.
He noted seasonal changes in the volume of sales in adult-use cannabis with highs and lows.
NJ-CRC Chair Harris Laufer thought it amusing that there’s usually a Christmas spike.
Riggs defended medical decline as adult-use cannabis market dispensaries are open in every county. Their products can often be over-the-counter (OTC) medicine.
Laufer commended them on the statistics.
CRC’s Cost of Business Survey
He noted that a “Cost of Regulatory Compliance Survey” is ongoing.
“We look forward to seeing how we take the results of that survey and adopt it,” Laufer said.
He said they are looking to consider safety, equity, and business friendliness when analyzing the survey results.
That can be difficult to balance.
“Please, please participate,” Riggs said.
He said they’re working with the NJ Institute of Technology (NJIT) to understand the costs of opening and operating a legal NJ adult-use cannabis company.
They’re holding a $500 raffle to encourage participation.
Licensed Cannabis Employee Background Checks Waived
Chief Counsel Dave Tuason said the NJ Cannabis Trade Association (NJCTA) wanted a waiver of background checks for all employees and volunteers who are not owners or principals.
“We do not recommend we waive any of the bargaining requirements,” he said.
Tuason explained they would still need to track them. But they wouldn’t have to go through the fingerprinting process associated with criminal background checks.
It was approved 4-0.
Conditional Conversion and Annual Approvals
Riggs explained they had one conditional conversional to an annual license application.
It’s Blaze Factor, a microbusiness retailer.
With a mature market there were only 5annual NJ cannabis licenses to approve:
- CannaSense Cultivators Inc Cultivator Microbusiness
- Fiore Farms NJ LLC Cultivator Standard
- Fiore Farms NJ LLC Manufacturer Standard
- MAC Dynasty LLC Cultivator Standard
- Suburban Greens Retailer Standard
They were all approved 4-0.
Ownership Changes
Riggs explained they had ownership change applications, which they approved 4-0.
- Cloud Nine Dispensary
- Hera Solutions LLC
- Herb’s Premium Dispensary LLC
- House of Buds
- Med Leaf
- Organic Remedies Inc.
- Quantum Productions
- Silver Leaf Wellness LLC
- The Public Garden
