The 2024 Forecast

Recently, Kyle Jaeger of Marijuana Moment published a piece entitled, "New Jersey Will ‘Reach And Surpass’ $1 Billion In Marijuana Sales In 2024, Even As Federal Legalization Stalls, Top State Regulator Says."

Yes, you read that correctly.  A billion.  With a B.  

How did New Jersey arrive at such a major milestone? It wasn’t overnight. The Compassionate Use Medical Marijuana Act was signed into law in 2012 by Governor Corzine, but it wasn’t until 7 years later that things significantly changed.  The growth of the cannabis industry in New Jersey accelerated in 2019, when Governor Phil Murphy intentionally widened marijuana access through the signing of the Jake Honig Compassionate Use Medical Cannabis Act.  This dramatically expanded the Medicinal Marijuana Program (MMP) and the patient base. Messaging about cannabis naturally widened too.

Fast forward to April 21, 2022, when the continued cannabis work of the Murphy administration led to the launch of the current adult-use program, including the establishment of the New Jersey Cannabis Regulatory Commission.  New Jersey became the 15th state in the country to legalize adult-use cannabis.  Not even two years later, a billion dollar industry has been forecasted for one of the smallest states in the nation, geographically-speaking.  New Jersey is no stranger to economic success; it’s a powerhouse in America.  If the Garden State was a country, its GDP would globally rank in the top 25.

For those who think that cannabis is a fleeting industry or passing fad, be assured, this is just the beginning.  When it comes to cannabis, we’re watching history unfold in front of us as more individuals, those who value responsible use and informed decision-making, find their way to the wellness possibilities that the plant offers.

Contact Elucidation Strategies for more information about cannabis educational services.