Using Colorado retail cannabis sales data and Colorado population data, the OLS calculated the per person annual expenditure on retail cannabis to be approximately $194.61. If New Jersey experiences similar sales of recreational cannabis as Colorado, total retail cannabis sales for New Jersey could be approximately $1.753 billion. Applying the sales tax (6.625 percent) and new tax (5.375 percent) yields aggregate revenues of approximately $210.3 million annually.”
On Monday, Nov. 26, two panels in New Jersey voted overwhelmingly to approve three new cannabis bills -- one of which aims to legalize adult-use marijuana.
New Jersey moved closer to becoming the 11th U.S. state to legalize recreational marijuana use after legislative committees approved bills to end the prohibition and wipe out the criminal records of some drug offenders.
Recreational marijuana sales in Michigan will rake in $89 million in tax revenue for the fiscal year beginning Oct. 1, 2019, according to estimates by the state's Senate Fiscal Agency.
After funding implementation and enforcement, 70 percent of the remaining tax revenue from marijuana sales will go to schools and infrastructure repair and 30 percent will go to counties and municipalities with marijuana businesses.
The New Jersey government estimated that recreational marijuana would bring in $60 million in tax revenue before June 30 of next year alone.
State Senate President Steve Sweeney said recently that legislative reform of the state’s public workers’ pension and health insurance plans will make New Jersey a more affordable place to live.
You know what else the state can do to make living here less like doing hard time on taxation island? Follow through on the promise to legalize recreational marijuana and use the additional revenue to provide some relief to taxpayers.
We realize it won’t alleviate all of New Jersey’s tax woes, but it sure could help.
The poll shows an overwhelming two-thirds of Garden Staters in agreement that legalizing cannabis and taxing its sale should be on the table as a means of providing property tax relief (64 percent agree), that New Jersey arrests too many people for marijuana possession (67 percent agree), and that legalizing cannabis will free up local police to concentrate on violent crime (67 percent agree).
New Jersey residents are more likely to support legalizing recreational marijuana if they are convinced its proceeds would be used to lower their property taxes, according to a new poll.
A little less than half polled -- 44 percent -- said they support recreational marijuana for adults, as compared to 31 percent who opposed, according to a private survey obtained by NJ Advance Media that was conducted for Nuka Enterprises, a company that makes marijuana-based food products.
Gov. Andrew M. Cuomo took a step closer to voicing full-throated support for legal marijuana on Friday, embracing elements of a state Health Department report that favored legalization.
Mr. Cuomo, addressing reporters after an unrelated speech in Brooklyn, said New York would no longer have the option of trying to simply prevent the flow of the drug into the state now that its neighbors in Massachusetts and New Jersey are moving forward with plans to legalize the drug.
With less than a week until Delaware’s legislative session wraps up for the year, a bill to fully legalize marijuana could still pass.
The bill, H.B. 110, would permit adults over 21 to use, transport and possess up to one ounce of cannabis, as well as five grams of concentrates, for personal use. It wouldn’t allow individuals to grow their own plants, but it would establish a recreational marijuana retail system statewide.
For the past several years, the question of whether to legalize the recreational use of marijuana for adults has been a hotly debated topic across the country. The 2017 gubernatorial race brought this debate to New Jersey, when then-candidate Phil Murphy proclaimed that one of his goals for his first 100 days as Governor would be the passage of legislation to legalize the recreational use of marijuana for adults. While those 100 days have come and gone without the passage of such legislation, Governor Murphy remains committed to the legalization of recreational marijuana.