Legal Marijuana laws in New Jersey advocates pointed out green is the color of money and marijuana. New Jersey could harvest a bumper crop of tax revenues — an estimated $320 million, according to a report prepared by New Jersey Policy Perspective — if it legalized recreational marijuana use and taxed it at 25 percent, for a state that’s suddenly facing a $1 billion revenue hole.
The drug measures were among 120 proposed state laws and constitutional amendments that were on the ballot in 32 states. They touched on an array of issues that have roiled politics in recent years — voting rights, racial inequalities, abortion, taxes and education, to name a few.
Voters in New Jersey and Arizona approved measures legalizing marijuana for adults age 21 and older. In New Jersey, the Legislature now will have to pass another measure setting up the new marijuana marketplace.
After years of legislative failures, New Jersey voters on Tuesday authorized the legal use of recreational marijuana in a year when supporters rallied around the disproportionate number of arrests for the drug in minority communities.
The amendment allows for a state tax rate of 6.25% on sales. Everything else would be in play.
The regulations to govern the new legal industry may take several months — or even years — to work out, depending on what political roadblocks spring up in Trenton.
New Jersey was one of four states this year with referendums to legalize cannabis on the ballot; the others were Arizona, Montana, and South Dakota, where the votes still hadn’t been counted last night. Until Election Day, 34 states, including Pennsylvania and New Jersey, had enacted laws to allow medical marijuana. And 11 of those states had made cannabis available to all adults.
Appearing in Willingboro on Tuesday, Gov. Phil Murphy underscored his enthusiasm for recreational marijuana.
Legal Marijuana laws in New Jersey