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Market Map

New Jersey
Cannabis Market
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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
A
There is great market potential in New Jersey as the market is brand new and population, density and tourism numbers are high.
Licensing
B
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
B
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
#1
Medical Cannabis?
Yes
2020
Adult-Use Cannabis?
Yes
2020
2020 Medical Sales
2022 Projected Medical Sales
NA
$773,000,000
NA
2020 Adult Use Sales
2022 Projected Adult Use Sales
NA
$773,000,000
NA
Regulatory Agency
Cannabis Regulatory Commission
https://www.nj.gov/cannabis/
# of Dispensaries (allowed/issued)
12
12
# of Cultivators (allowed/issued)
37
0
# of Manufacturers (allowed/issued)
NA
NA
# of Testing Labs (allowed/issued)
NA
NA
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
7%

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