New Jersey’s legal marijuana market reached a new milestone in the fourth quarter of 2024, reporting a record $294.1 million in total sales according to the New Jersey Cannabis Regulatory Commission.
This marks the highest single quarter since the launch of legal sales in the state, driven largely by the continued growth of the recreational market.
The Q4 total includes $277.2 million in recreational sales and $17 million from medical marijuana purchases. This follows a steady increase throughout the year, with total marijuana sales in 2024 reaching $1.08 billion. The state’s recreational market alone accounted for just over $1 billion in sales, while medical sales continued to decline as more consumers shifted to adult-use purchases.
New Jersey first legalized medical marijuana in 2010, with dispensary sales beginning in 2012. The state expanded access significantly in 2019 before voters approved a constitutional amendment in November 2020 to legalize recreational marijuana. Adult-use sales officially began in April 2022, marking a major shift in the state’s cannabis landscape.
The latest sales figures demonstrate the rapid expansion of New Jersey’s marijuana industry, particularly in the recreational sector. Compared to the fourth quarter of 2023, which saw $228 million in total marijuana sales, Q4 2024 represents a 29% year-over-year increase. Tax revenue from recreational sales also saw a boost, generating $17.7 million for the state in Q4 alone, with an additional $1.2 million collected from social equity excise fees.
Despite the record sales, medical marijuana purchases have continued to decline, falling from $34.5 million in Q1 2023 to just $17 million in Q4 2024. The decline mirrors trends in other states where adult-use markets have been established, as patients increasingly opt for recreational sales over medical program enrollment.
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