Key Takeaways
- Sanctuary Cannabis, originally a medical cannabis provider, has expanded its offerings to include recreational cannabis at its Scotch Plains, New Jersey, location.
- Located at 2581 US-22, Scotch Plains, NJ 07076, the dispensary now serves adult consumers with various cannabis products.
- Sanctuary Medicinals holds a provisional retail license in New Jersey and operates in several states, offering flower, vapes, concentrates, and edibles.
Expansion into Recreational Cannabis
Sanctuary Cannabis has officially announced in a news release the expansion of its dispensary services to include recreational cannabis users in Scotch Plains, New Jersey.
This development comes after its initial success as a medical cannabis provider. The dispensary is strategically located on US-22, making it accessible to the local community and surrounding areas.
Sanctuary Cannabis's expansion into recreational sales is part of its broader mission to offer top-quality cannabis products to a wider audience.
ALSO READ: Sanctuary Cannabis Opens Medical Dispensary in Palatka, Florida
Sanctuary Cannabis's Commitment to Quality and Community
The company's product range includes flower, vapes, concentrates, and edibles, catering to various consumer preferences.
Sanctuary's approach goes beyond just selling cannabis; it aims to enhance well-being, foster positive relationships, and ensure accessible care for all its customers.
The company's ethos is centered around creating a positive impact within its communities, focusing on safety, enjoyment, and building lasting relationships.
Sanctuary Medicinals: A Multi-State Presence
Sanctuary Medicinals is not new to the cannabis industry. With operations in Massachusetts, New Hampshire, and Florida, the company has a strong foothold in the cannabis market across different states.
The recent provisional retail license award in New Jersey signifies its growing presence in the cannabis sector.
ALSO READ: Sanctuary Cannabis Continues Rapid Expansion with Multiple New Dispensary Openings
Why We Care
The opening of Sanctuary Cannabis is a reflection of a broader trend in the cannabis market within the state and across the nation.
New Jersey's cannabis industry has seen remarkable growth, highlighted by the state surpassing the milestone of 100 cannabis dispensaries less than two years into adult-use, recreational cannabis sales. This expansion indicates consumer demand and the industry's potential, with recreational cannabis sales hitting $673.9 million in 2023.
This growth trajectory isn't isolated. The state reported a record-breaking $206.2 million in cannabis sales for the third quarter of 2023 alone, positioning New Jersey to become the 12th largest retail market in the nation among its adult-use peers for that year. The adult-use segment nearly accounted for 86% of all sales for the quarter.
Projected sales for New Jersey's recreational marijuana are expected to reach between $625 million and $775 million in 2024, further emphasizing the market's expansion and potential.