LOUISVILLE, Colo. — New Jersey could become the third-largest contributor to overall U.S. cannabis sales growth by 2026, BDSA predicts.
The cannabis data company said the state’s launch of adult-use sales on April 21mirrored what was seen in Arizona prior to its launch of adult use in early 2021. In Arizona, consumer penetration rose from about 40% in the fall of 2020 to more than 50% a year later.
New Jersey already had a medical cannabis program. The foundation set by that program—and rapidly rising consumer participation—is what will drive its growth, BDSA said. The state is estimated to bring in $530 million in adult-use sales in 2022, bringing total cannabis sales in New Jersey for the year up to nearly $800 million.
BDSA predicts New Jersey will add about $2 billion to total U.S. legal sales by 2026, making it the eighth largest legal cannabis market in the country, boosted in part by cross-border buying.
Louisville, Colo-based BDSA helps businesses improve revenues, reduce innovation risk and prioritize market expansion with accurate and actionable cannabis market intelligence, consumer research and advisory services. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale (POS) data, wholesale data, consumer research and market forecasts.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.