New Jersey officials expect sports betting to bring in $13 million this fiscal year. Legalizing recreational marijuana could mean $300 million a year. And that eventuality moved closer to reality Monday as New Jersey Senate President Steve Sweeney said he’s oping lawmakers will act by the end of summer on such a bill.
Sweeney and Assembly Speaker Craig Coughlin are working to coordinate bills for expanding the state’s medical marijuana program, as well as legalizing recreational use for adults.
Sweeney, D-Gloucester, said he and Coughlin “haven’t agreed to a package of bills yet, but we intend to move them both … I’ve told people they’re going to be tied together. Medical is not moving without recreational.”
Other states that have legalized pot have seen an increase in revenues, but it’s a volatile funding stream, said Mary Murphy with the Pew Charitable Trusts.
“How will those marijuana revenues continue to perform as more and more states legalize recreational marijuana? Will you see revenue decline as legalization becomes more prevalent?” she said. “We simply don’t have the data to know that at this point.”