IncSmart New Jersey (Small Business and Startups) -
New Jersey could be the next state to legalize recreational marijuana. Phil Murphy, the next governor of New Jersey, vowed on the campaign to legalize marijuana. State regulators are looking at $300 million a year in tax revenue by the year 2020. Medical marijuana is already legal, but there are only six dispensaries serving the entire state of nine million people. Eight states and the District of Columbia, have legalized recreational marijuana. The new law could also provide savings for law enforcement and courts, and may even expunge marijuana convictions and clear pending charges for low-level drug arrests.
New Jersey is looking at a $1 billion market. Polls show that said that only 4% of New Jersey residents use marijuana, which is probably closer tor 10%, according to a 2015 study from the National Institutes of Health. The poll also does not take into account marijuana buying visitors from New York City and Philadelphia. This could up the sales as well. Residents over 21 can possess 1 ounce of flower, 16 ounces of infused solid products or 72 ounces in liquid form. Taxes on the drug may start at 7% and rise gradually to 25% over the next five years.
By IncSmart Staff Writer
Starting a Business in New Jersey
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