New Jersey is expected to approve a ballot initiative to legalize adult-use (aka recreational) marijuana on Election Day next month. Aside from stoking up the 61% of likely Garden State voters in favor of the measure, its passage is projected to generate up to $400 million in adult-use sales in its first year and $950 million by 2024, translating then to nearly $63 million in annual state tax revenue and an additional $19 million in local taxes, as estimated by Marijuana Business Daily. In an economy shattered by the coronavirus pandemic, legal weed looks like a great idea.
That may not be the only good news for legalization proponents after Nov. 3. They’re hoping New Jersey’s pro-pot vote will trigger a domino effect in neighboring states considering similar efforts. “Once New Jersey goes, it’s going to set off an arms race along the East Coast, putting New York, Connecticut and Pennsylvania on the clock,” said DeVaughn Ward, senior legislative counsel for the Marijuana Policy Project, a cannabis advocacy group in Hartford.
