On November 26, 2018, a joint panel of New Jersey lawmakers from the Senate and Assembly approved a bill to regulate, tax and legalized marijuana. Legislative committees also approved measures to expand the state’s medical marijuana program. Thank you, Governor Phil Murphy. “Push the weed.” Murphy instigated the movement during his 2017 gubernatorial campaign. Indeed, New Jersey will be the 11th state to allow adults to possess and use marijuana. The only issue still open --- What will be the excise tax rate? As it stands, the lawmakers are gunning for 12%, but Murphy wants 25%. Our SP-GTM algorithm projects 17 percent and the bill will be law.
Look for February 2019 as the time-frame for New Jersey to jump into the pot and become number eleven.