While most are hedging their bets on Pennsylvania’s impending recreational legalization, industry insiders know that the real story is happening in New Jersey. According to a recent Clarus report, Pennsylvania is expected to continue building on its rapid growth that has contributed to TerrAscend’s (OTC:TRSSF) foothold as one of the fastest organic revenue growth rates in the U.S. cannabis sector thanks to the strength of its Ilera unit in Pennsylvania (PA). However, New Jersey is the market with a promising outlook as the key revenue driver over the next two years.
The 90-minute webinar, “Cannabis Legalization and Your Town,” examined the state of efforts to pass the upcoming ballot referendum on adult-use cannabis legalization, the state of the medical cannabis program during the pandemic, potential tax and employment benefits and issues for municipalities, and whether cannabis companies can force their way into town.
Here’s a quick rundown:
Jeff Brown, the head of the Department of Health’s Medicinal Marijuana Program, said the program faced many challenges during the early days of the pandemic.
Although marijuana decriminalization bills A1897/A4269 passed in the Assembly, the cannabis decriminalization bill in the Senate, Senate bill S2535, is preferred as it offers more meaningful reform and a fairer policy than the Assembly bills and especially for those who are disproportionately arrested and even after possible legalization.
Two-thirds of likely voters say that they back a November ballot initiative to legalize the adult-use cannabis market, according to polling data commissioned by the law firm Brach Eichler LLC and initially reported by Marijuana Moment.
Sixty-six percent of respondents — including 77 percent of Democrats, 58 percent of Independents, and 56 percent of Republicans — said that they support adult-use legalization. Those percentages are similar to those reported last month in a separate poll, which determined that 67 percent of those surveyed endorse the ballot measure.
New Jersey voters are strongly in favor of a referendum to legalize marijuana that’s on their ballots this November—and most support of setting a tax rate for cannabis that’s higher than the standard sales tax—according to a new survey.
The poll, commissioned by Brach Eichler LLC, showed that 66 percent of likely voters back the legalization measure, which was placed before voters by the legislature. That’s about five percentage points higher than when residents were surveyed on the issue in April.
On the general election ballot in November, voters will be asked if they want to legalize recreational marijuana in New Jersey. A Monmouth University poll from April shows 61% of residents are in favor, but advocates on both sides say it’s not a done deal.
“It’s really promising, but there’s a lot of work to do. Educating people that there is a ballot question is important,” said Bill Caruso with NJ United for Marijuana Reform.
With less than 80 days until Election Day, the campaigns for and against New Jersey marijuana legalization have been eerily quiet.
What has been a wall-to-wall media blitz in other states has been barely a blip on the New Jersey political spectrum, ever since the state Legislature last year — after years of Democratic leaders trying to pass a marijuana legalization bill themselves — punted the issue to the voters, placing a proposed state constitutional amendment the ballot.
Newark NJ: NJ CAN 2020, a ballot campaign with the mission of getting to a “yes” vote on adult use cannabis legalization in New Jersey, has started the next phase of campaigning with the launch of NJCAN2020.org, an online clearinghouse for the ballot question and a portal for building grassroots momentum.
This interactive tool will serve as:
The campaign to pass a referendum to legalize marijuana in New Jersey has launched a new interactive website to build grassroots support for the November general election.
NJCAN2020.org is set up as a virtual clearinghouse to help voters learn more about cannabis legalization. The site will also provide a platform for grassroots organizing and a dialogue with stakeholders.
Amid the ongoing expansion of New Jersey’s medical marijuana market as well as the anticipated victory of recreational legalization at the ballot box in November, some of the state’s cannabis companies are investing heavily in cultivation build-outs and other infrastructure to meet an expected surge in demand.
Many industry insiders anticipate the New Jersey marijuana market will be one of the hottest on the East Coast once recreational sales actually begin – assuming voters approve the fall ballot measure.
Insiders concede, however, sales might not happen until 2022.