But the effort appears to be moving slowly in the Legislature, and Republicans say they view that as a sign legalization doesn't have enough support to pass the Democrat-led Legislature.
"A number of legislators remain opposed, which would turn that $60 million into a zero," said Republican Assemblyman Brian Rumpf, who opposes legalization and sits on the oversight committee that is considering the issue.
Republican state Sen. Declan O'Scanlon says he's undecided on the issue but thinks the discussion of fiscal year 2019 budget revenues is probably moot.
“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.
Marijuana sales are expected to net the state $300 million annually in tax revenue. Why wait? Remember, while you pause before agreeing, those speed bumps in your mind are merely fiction. On the whole, DUI rates and fatal car crashes in states where marijuana is legal are declining, according to a report by the Drug Policy Alliance. After marijuana was legal to sell in their states, a Colorado Department of Public Safety report showed a 6 percent decrease in the violent crime rate statewide from 2009 to 2014, and Washington decreased by 10 percent from 2011 to 2014.