NJ sells $24M of recreational cannabis in first month; more licenses issued

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In the first month of recreational cannabis sales, New Jersey retailers sold $24 million worth of adult-use products.

The 13 retailers averaged about $5 million a week and conducted 212,000 transactions after rec sales began April 21, the Associated Press reported.

Meanwhile, state regulators also voted to grant new licenses to nearly a dozen adult-use marijuana retailers and approved licenses for 21 new growers and 13 manufacturers.

The new licenses are “conditional,” the Associated Press reported, based on fulfilling requirements that include:

  • Obtaining municipal approval.
  • Procuring a permanent site for the business.
  • Gaining control of the property through a lease or purchase.

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Jeff Brown, the executive director of the Cannabis Regulatory Commission (CRC), said took about 70 days to review the applications, quicker than the 90 days he expected, according to the AP.

The CRC was under pressure from legislators to expedite the review process.