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Since recreational cannabis sales became legal in New Jersey, the marijuana market has grown by leaps and bounds and continues to constantly evolve.
The state has hosted events like the 420 Expo, New Jersey’s first BYOC (Bring Your Own Cannabis) consumer expo, numerous trade shows, B2B networking events and has opened nearly two dozen cannabis shops.
In fact, Curaleaf Holdings, Inc. CURLF recently launched sales at its Bordentown, NJ location.
But, how about Cannabis Tourism? According to a local news outlet, these events and businesses help make up the basis for a new cottage industry: “canna tourism.”
Marijuana Tourism: Good Plan For Winter Season
Regarding tourism, each state with legal recreational marijuana has adopted different ways of doing business, offering consumers the most varied experiences that allow them to enjoy cannabis consumption.
For example, in states like California or Colorado, weed has been marketed at wine tastings and weed pairings, bud breakfasts and party buses full of pot.
Some users visit legal states just to tour the dispensaries and pot shops. Others may be looking for more personalized experiences like spa treatments, dining, yoga or sightseeing that incorporate marijuana into the experience.
According to a report in Forbes, cannabis tourism could reach $17 million. Of the $25 billion in legal cannabis sales in 2021, Forbes estimates that up to $4.5 billion was driven by tourists, who bring in an additional $12.6 billion in retail sales and taxes.
Marijuana Tourism In NJ
Cannabis tourism on the East Coast is taking a different path than in other legalized states, said Josh Alb, founder of the nonprofit education company Cannademix, which organizes events in New Jersey and New York that focus on education and advocacy for the plant.
In New Jersey, cannabis tourism has largely focused on events that bring together the legal and legacy marijuana markets along with music, food, demonstrations and networking. “They [tourists] come to get an immersive experience in the culture and be exposed to the industry. People love to visit the shops, but they are definitely looking for the underground legacy market lounges and secret-infused menus at restaurants with amazing food,” Alb said.
NJ Recreational Cannabis Sales
Additionally, in less than seven months, the state has taken in $4.6 million in tax revenue in just the first 10 weeks of sales. “The market is improving. It is performing as we expect with the current number of dispensaries, the spread of locations, and the high prices,” said Jeff Brown, executive director of NJ’s Cannabis Regulatory Commission (CRC).
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Photo: Courtesy of Shane Rounce On Unsplash
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Image and article originally from www.benzinga.com. Read the original article here.