Since the launch of recreational marijuana sales in New Jersey, the state has taken in $4.6 million in tax revenue in just the first 10 weeks of sales.
“The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices,” said Jeff Brown, executive director of NJ’s Cannabis Regulatory Commission (CRC).
Recently, the CRC announced that tax revenue came from nearly the $80 million customers spent between April 21 and June 30. The amount includes more than $219,000 in social equity excise fees.
“As more cannabis businesses come online, consumers won’t have to travel as far to make purchases, and prices will fall with increased competition. The market will do even better,” Brown continued.
– Read the entire article at Benzinga.
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