Billions of dollars in business opportunities are riding on whether New Jersey residents legalize a recreational cannabis market in November.
A recreational marijuana industry in New Jersey itself – with a population of nearly 9 million people – would reach $850 million-$950 million in sales a year by 2024, according to a Marijuana Business Daily projection.
But that’s not all: Approval is expected to cause a domino effect along the Eastern Seaboard and inland, creating an adult-use marijuana region that is among the biggest in the world.
Rhode Island’s governor is pitching an unconventional recreational marijuana legalization plan centered on state-owned stores operated by private contractors, which would offer modest business opportunities for cannabis entrepreneurs.
The move reflects growing pressure to legalize adult-use cannabis along the East Coast after Massachusetts launched its recreational marijuana industry in 2018. It also dovetails legalization efforts by governors in Connecticut, New Jersey and New York.
Rhode Island Gov. Gina Raimondo (D) says she’ll make another attempt to legalize marijuana in the Ocean State next year.
In an appearance on WPRI-TV’s Newsmakers program, the governor said she recently discussed the cannabis issue during a lunch with Connecticut Gov. Ned Lamont (D) and Massachusetts Gov. Charlie Baker (R), and she left feeling encouraged to pursue the policy change.