New Jersey’s top marijuana regulator is predicting that the state “will reach and surpass” its $1 billion annual sales milestone this year, even as he tries to put a damper on federal legalization in the near future.
Jeff Brown, Executive Director of the New Jersey Cannabis Regulatory Commission, said at a Thursday public hearing that he wanted to make sure the state marijuana industry was best positioned for the future. He cited upcoming rules to expand edible options in retailers as a way to do that.
He said that the proposed regulations for edibles would add an “added layer of safety and accountability” to consumers, with Good Manufacturing Practices provisions (GMPs) incorporated in the same way as they do in federal marijuana legalization legislation.
Brown stated that the move would help New Jersey compete for decades to come. Brown said, “I don’t expect federal legalization to happen anytime soon. However, we want to ensure that businesses in New Jersey will be prepared to compete when the opportunity arises.”
As Gov. The opening this week of more than one hundred medical and recreational dispensaries was another major milestone for Phil Murphy (D). He and the regulators also reaffirmed their belief that New Jersey marijuana sales will surpass the $1 billion mark by 2024.
He said: “We are making progress and the market has made incredible progress. I have said that we will be heading to a billion-dollar market.” “I have seen enough data now–and we will be releasing additional data in the coming months and weeks–but this is the year that the market is a billion dollar one.” This is the first year New Jersey sells a billion in cannabis.
Brown stated that there would be more information on this throughout the year. “But I am confident that we will reach and exceed that milestone by calendar year 2024,” Brown added.
The adult-use cannabis market in the state was launched less than two years ago. But regulators are working hard to expand it. This includes new rules for expanded edible products and newly finalized rules allowing cannabis consumption lounges.
The has already waived some requirements for the sale of other marijuana edibles.
NJ-CRC also considered adopting new regulations that would create a permit that would allow “clinically focused cannabis dispensaries” to enter into partnership with research institutions in order to conduct cannabis studies using the products they grow or sell patients.
New Jersey legislators are preparing for an active 2024. They have filed over a dozen bill covering interstate marijuana commerce, home grows, banking, and employment protections.
In December, the governor and state attorney general separately announced the recipients of $5.2 million in hospital-based violence-intervention grants funded with revenue from state-legal marijuana.
In the same month, New Jersey also opened applications for the second stage of its marijuana social equity funding program. The program will award $150,000 in grants and provide eight weeks of technical support to those who are selected.
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