Gov. Phil Murphy now expects legal weed sales to generate $4 million in state taxes for the rest of the current fiscal year, which ends June 30.
The anticipated revenue — laid out in the budget brief released by the Treasurer’s Office — is a big revision from the spending plan Murphy signed last June, which anticipated the state wouldn’t take in a dime from legal weed sales by mid-2022.
Analysts and those closely following every nuance on cannabis emanating from Trenton say it signals this: despite the recent opening hiccups, the governor fully expects adult weed sales to be up and running in the coming months.
“We understand the CRC (Cannabis Regulatory Commission), at its meeting on March 24, will give the green light to some of the incumbent medical licensees to begin recreational sales,” said Cantor Fitzgerald cannabis analyst Pablo Zuanic.
“If so, taking into account processing, (New Jersey) should be able to begin recreational sales a month later, like late April or early May. The assumption is that they are going to start in May.”
But getting there is proving to be a daunting task.
Already on the radar of the governor’s office is beefing up an understaffed Cannabis Regulatory Commission that’s mired in reviewing hundreds of license applications. [Read More @ NJ.com]
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