New Jersey’s Cannabis Market Shows Diversity in Licensing

According to the New Jersey Cannabis Regulatory Commission (CRC), nearly half (47%) of the annual adult-use cannabis licenses in the state have been awarded to majority minority-owned businesses. Additionally, 44% of the licenses went to businesses majority-owned by women or disabled veterans.

The CRC data highlights that while only 10% of businesses in New Jersey are Black-owned, 17% of cannabis licenses were awarded to Black-owned companies. Asian-owned businesses received 13% of the licenses, despite making up just 10% of the state’s businesses.

New Jersey had 338 active cannabis business licenses, including 251 for adult-use cannabis and 87 for medical purposes. In the first three quarters of 2024, the adult-use cannabis market generated $722.9 million, while medical cannabis sales reached $66.9 million. The state’s cannabis industry contributed $43.3 million in tax revenue and $2.2 million in social equity excise fees during the same period.

Flower was the top-selling product, accounting for over 41% of sales, followed by vape cartridges at 29%. Edibles made up 14%, while the remaining 17% included pre-rolls, concentrates, capsules, lotions, and tinctures.

However, only 206 out of 564 municipalities (36%) in New Jersey currently allow at least one type of cannabis business, indicating slow local adoption of the industry.