New Jersey

Market Map

New Jersey
Cannabis Market

New Jersey Cannabis Market At-A-Glance

Overall Rating: B+

New Jersey legalized both medical and recreational sales during the 2020 election. As of right now, up to 70% of towns have banned cannabis operations. The remaining 30% will be highly competitive for cannabis sales.

Medical Use: Yes

Adult Use: Yes

Market Potential

There is great market potential in New Jersey as the market is brand new and population, density and tourism numbers are high.

Licensing

Licensing is expensive. It’s not too limited at the moment.

Competition

C+

Competition is high for New Jersey. Once businesses get approval, we will see how competitive this market becomes.

Tax/Regulatory Structure

Taxes are low, social equity taxes are high.

New Jersey Cannabis Details

Population (Rank)

8,882,000

#11

Size/Density

1,211.3 sq. miles

Medical Cannabis?

Yes

2020

Adult-Use Cannabis?

Yes

2020

2020 Medical Sales

2022 Projected Medical Sales

$773,000,000

2020 Adult Use Sales

2022 Projected Adult Use Sales

$773,000,000

Regulatory Agency

Cannabis Regulatory Commission

https://www.nj.gov/cannabis/

# of Dispensaries (allowed/issued)

# of Cultivators (allowed/issued)

# of Manufacturers (allowed/issued)

# of Testing Labs (allowed/issued)

Vertical Integration?

Allowed

Residency Requirements?

None

Social Equity?

Yes

Cannabis Taxes

Combined Tax Rate

9% (+social justice fee)

Excise Tax

Social Justice Excise Tax: $10 tax ($350+) | $30 tax ($250 - $349) | $40 tax ($200 - $249) | $60 tax ($199 or less)

Local Sales Tax

Optional – 2%

State Sales Tax

Licensing Fees (per year)
^{*Varies based on gross revenue}

Manufacturer Licensing Fee

Standard: Up to 10,000 sq ft – $20,000 | More than 10,000 sq ft – $30,000 | Micro: $1,000

Retailer Licensing Fee

Standard: $10,000 | Micro: $1,000

Testing Laboratory Licensing Fee

$4,000

Application Fees

Conditional License Applicant - Application Fee

$200 (standard) | $100 (micro)

Conditional License Applicant - Approval Fee

$800 (standard) | $400 (micro)

Conditional License Applicant - Conditional Conversion Submission Fee

$200 (standard) | $100 (micro)

Conditional License Applicant - Conditional Approval Fee

$800 (standard) | $400 (micro)

Testing Laboratory Application Submission Fee

$400

Testing Laboratory Approval Fee

$1,600

Expanded ATC Certification Fee

Medical Cannabis Cultivator Expansion – $400,000 | Medical Cannabis Manufacturer Expansion – $300,000 | Medical Cannabis Dispensary Expansion – $100,000 | Vertically Integrated ATC with 1 dispensary – $800,000 | Vertically Integrated ATC with 2 dispensaries – $900,000 | Vertically Integrated ATC with 3 dispensaries – $1,000,000

13/09/2021