“We examined other states that already have a legalized mechanism in place and took a conservative estimate based on the revenue they generated in Year One of legalization, keeping in mind that there are differences in the various tax mechanisms and the size and nature of these markets,” said Treasury spokeswoman Jennifer Sciortino.
Murphy’s budget proposal, which the Democratic former Goldman Sachs executive unveiled last week, calls for legalized cannabis by January, but lawmakers are taking a cautious approach.
The estimate is far below the $300 million in revenue Murphy estimated on the campaign trail and that liberal-leaning groups, such as New Jersey Policy Perspective, also endorsed.