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Recreational Marijuana in New Jersey
Given New Jersey Governor Phil Murphy's campaign pledge to legalize marijuana for recreational use in his first 100 days, the State of New Jersey is on the cusp of a major new revenue stream-recreational marijuana.
Last May, Democratic State Senator Nicholas Scutari introduced a bill to legalize recreational marijuana in New Jersey, patterned after Colorado's successful legalization initiative. There is no way to fully understand the limitations that the New Jersey Senate will place on the recreational marijuana bill until the bill passes. However, Scutari's proposed bill would impose a 7% sales tax on marijuana and marijuana products, escalating to 25% after five years. The senator estimates New Jersey would realize $300 million to $500 million a year in new tax revenue after the tax is fully phased in. Proponents say New Jersey could see $2-$3 billion in annual marijuana sales, based on the experiences of other states (like Colorado) that have legalized the drug.
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