New Jersey sold nearly 2 million $ of cannabis on first day of sales

More than 12,000 customers purchased nearly $2 million worth of adult-use cannabis products during the first day of sales in New Jersey, according to figures released Wednesday by the state’s Cannabis Regulatory Commission.

Twelve dispensaries reported total gross sales of nearly $1.9 million from 12,438 customers.

Despite concerns that recreational sales might threaten the supply for medical users, the market for medical products has remained robust, with approximately 64,000 ounces (1.8 metric tons) of medical products distributed to patients and their caregivers over the past month.

Consumers of medical products rushed to stock up, with dispensaries selling 5,400 ounces (153 kg) last Wednesday alone—the day before the recreational market launched—more than double the daily average for the previous month.

To speed up the launch of New Jersey's recreational market, the cannabis commission voted earlier this month to authorize 13 medical cannabis dispensaries Cannabis for adults is also for sale.

Jeff Brown, the commission's executive director, said officials expected recreational sales to be «substantial.».

«The data show that the market is effectively serving adult-use consumers and patients,» Mr. Brown said in a statement. «We continue to monitor inventory levels and patient access, and we are prepared to take enforcement action against any dispensary that fails to meet patient access and supply requirements.»

The New Jersey market, with a population of just 9 million, is expected to exceed $2 billion annually once regulations are fully implemented, according to the estimates from MJBiz.

In New Mexico, which began selling recreational cannabis earlier this month, customers spent more than $1.9 million on opening day—out of a state population of 2 million—not including sales of medical cannabis.