The cannabis industry in New Jersey has been expanding rapidly since the state legalized the drug for medicinal and recreational use. With the demand for cannabis products increasing, dispensaries have been popping up all over the state. Hempnotize New Jersey, a Michigan-based cannabis retailer, has plans to open a new dispensary in Mount Laurel. However, the store could cost up to $1 million to build, highlighting the high cost of entry into the industry.
Despite the industry's growth, there have been some issues with how dispensaries prioritize patients. Acreage Holdings and Verano violated rules prioritizing patients last year, which has raised concerns about the ethical practices of dispensaries in the state.
New Jersey cannabis officials have also noted that prices have remained stubbornly high due to indoor cultivation, the small number of dispensaries, and inflation. This has made it difficult for some customers to access affordable cannabis products.
However, this hasn't stopped customers from spending money on cannabis products. In fact, a total of $100 million was spent last year during the weed sales holiday, and this year, more deals are expected to come.
Despite some challenges, dispensaries are continuing to open in New Jersey. Recently, a cannabis dispensary was approved to open near Wayne, becoming the closest dispensary to the township. The Apothecarium dispensary, with locations in Lodi and Phillipsburg, is one of the state's 16 existing medical marijuana dispensaries.
Additionally, the township of North Brunswick will be opening its first medical marijuana dispensary on Route 1. Garden State Botanicals' proposal to convert an existing building into a dispensary has been approved, providing more options for customers in the area.
One unique dispensary in New Jersey is The Apothecarium in Lodi, which is located next door to the strip club that was the Bada Bing in the hit TV show The Sopranos. The dispensary is open for both medical and recreational business along Route 17.
As the industry continues to grow, there will likely be more opportunities for entrepreneurs and investors to enter the market. However, it's important for dispensaries to prioritize ethical practices and prioritize patient access to affordable products.
