Yesterday’s meeting of the New Jersey Assembly Oversight, Reform, and Federal Relations Committee provided new insights into the New Jersey cannabis industry and highlighted several developments which give cause for optimism in 2024.

Notably, Jeff Brown, Executive Director of the Cannabis Regulatory Commission (CRC), delivered an optimistic forecast, predicting 2024 as the first year New Jersey’s cannabis market will exceed $1 billion in total annual cannabis sales. Brown also noted that, since 2018, New Jersey’s total cannabis sales recently exceeded the $2 billion mark, in large part due to the state’s growing adult-use market.

Representatives from the New Jersey Economic Development Authority (NJEDA) also spoke at the meeting, discussing the economic impact of the cannabis industry, emphasizing support for small, minority-owned, and women-owned businesses. NJEDA representatives also noted that its Joint Ventures and Seed Equity programs, designed to foster diversity and equity within the industry, have been met with significant interest and recently issued grants to program awardees.

Additionally, meeting participants raised concerns about maintaining medical cannabis sales, prompting discussions on strategies to support medicinal patients and potential cost reduction measures.

While no significant announcements were made during the hearing, it indicates the Committee, under the leadership of a new chair, remains committed to prioritizing New Jersey’s cannabis industry. Brown’s optimistic projection of a $1 billion year also underscores the industry’s resilience and perceived potential for growth, supported by statistical data recently compiled by CRC.

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