Advocates for legalizing and regulating marijuana in New Jersey say the state would receive hundreds of millions of dollars each year in tax revenues if pot could be bought, sold and smoked for recreational purposes.
And that’s just scraping the surface, they told Assembly Budget Committee members at a Statehouse public hearing. In addition to those direct taxes, the state would also receive income tax payments from any jobs created and the possibility of new industries and businesses from research and development.
For the time being, at least, it’s merely an early marker in a policy debate. Though the testimony was offered at a hearing about Gov. Chris Christie’s proposed $34.8 billion budget, marijuana legalization is not part of Christie’s budget plan – and won’t be, as he has repeatedly and forcefully opposed the idea.
But New Jersey will have a new governor in less than two years, as Christie’s term expires in early 2018, and lawmakers have begun kicking around the idea in case a future governor sees things differently.
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