The potential for a ballot question next year asking the public to decide whether or not to legalize recreational marijuana foreshadows huge spending by independent, outside groups.
Keep in mind that it was just three years ago that New Jersey had its most expensive ballot contest ever- a $25 million election in which voters balked at allowing casinos outside of Atlantic City.
A ballot initiative involving legalized marijuana also would surely invite millions of dollars of spending by special interests attempting to influence the people to support or oppose legalization.
It took a big push by major corporations to bring a whole new industry- casinos- to New Jersey. Marijuana interests may need a similar boost.
While medical marijuana already has been legalized in the state, legislation allowing recreational use has run into stiff resistance even though pro-marijuana spending on lobbying rose nearly 319 percent to $1.4 million in 2018.
Governor Murphy and legislative leaders are continuing to hold meetings to try to rescue the bill, which Senate President Steve Sweeney gave only a 50-50 change of passage on April 29, 2019.
Altria Group Inc., one of the world's biggest tobacco companies, is diving into the cannabis market with a $2.4 billion buy-in.
The Marlboro cigarette maker is taking a 45% stake in Cronos Group Inc., the Canadian medical and recreational marijuana provider said Friday.
Altria will pay an additional $1.4 billion for warrants that, if exercised, would give Altria a 55% ownership stake in the Toronto company.
Marlboro cigarette maker Altria is in early stage talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers, people familiar with the matter told CNBC.
Cronos has not agreed to any deal and there is no certainty it will do so, the people said.