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Lacking legalization, Murphy short on money from marijuana (updated)

With legalization of adult-use marijuana now punted to the voters this November as a ballot question, the 2021 budget would ultimately not include any revenue from the sale and taxation of cannabis.

The past two budgets included $60 million of tax revenue, but those dollars were pulled once it became evident lawmakers could not agree on a legalization bill or garner the votes for the bill to pass.

Under the ballot question, the state would simply levy the 6.625 percent sales tax on any cannabis sales.

The state’s medical marijuana program, which now has almost 70,000 participating patients, is expected to make $3 million next year, compared to $2.8 million in 2020.

Editor’s note: This story was updated at 7:11 a.m. EST on Feb. 26, 2020 to include information about New Jersey’s medical marijuana program.

Daniel J. Munoz
Daniel Munoz covers politics and state government for NJBIZ. You can contact him at dmunoz@njbiz.com.

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