Daily News | Recreational weed sales boom in Bellmawr as NJ’s undergoes its first month of legalization
, now approaching an annual run rate of $100 million in revenue, the company’s executive chairman Boris Jordan told stock analysts this month.
“We were probably running at about a little bit less than half that as medical,” Jordan said, adding that the store benefits from its . “That number keeps picking up every single day as we’re introducing more products and as demand builds.”Jordan also said that supplies in New Jersey are extraordinarily tight, insuring high prices for consumers. That means wholesale prices are “at the top level” of $4,500 to $5,000 a pound, Jordan said. “New Jersey is a very high margin market right now.
“We do anticipate that this will ramp particularly as new dispensaries are approved, new cultivators are approved, and a lot of the conditional applicants that we have approved are able to come back and convert to annual licenses and begin operating,” Commission executive director Jeff Brown said at the meeting.We may change parts of the Business section and need your help.