Cannabis In New Jersey: How Did The Market Change Since Recreational Cannabis Was Legalized?

On Thursday, Cantor Fitzgerald analyst Pablo Zuanic offered an update on New Jersey’s recreational cannabis market. Zuanic analyzed the competitive landscape and the changes in the recreational cannabis market in The Garden State. Although the report is not a second-quarter preview, the analyst offered an estimation of the evolution of the state market.

Recreational cannabis sales reached $24.2Mn. There were 212,433 transactions, for an average basket size of $114 for the first month of legalization (starting 4/21), as per official state data. Zuanic compared market shares from cannabis operators in the state and estimated that NJ sales could have added ~16% to the sales base of Acreage Holdings
and two other companies in 2Q22, which saw low-teens sequential growth, with everything else remaining equal.

“As more stores and SKUs for rec were added, we believe monthly sales have grown, although no official data has been released. We estimate that NJ rec sales amounted to $60Mn for 2Q22,” Zuanic said in his recent industry report.

– Read the entire article at Benzinga.

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