New Jersey Likely to Legalize
The discussion following Democratic victories in New Jersey and Virginia has primarily centered around major political issues. One lesser-discussed implication is the vastly greater chance of New Jersey seeking to legalize marijuana soon. The Entrepreneur reports that during his campaign, Democratic candidate Phil Murphy was unequivocal about his advocacy for marijuana legalization. The state's legislature is already revising a legalization bill, with NJ Senate President Stephen Sweeney vowing to have the bill on Murphy's desk within 100 days of his inauguration in January.
Another legalized state would have massive implications for the industry, especially given New Jersey's proximity to major metropolitan areas in other states like New York and Pennsylvania. Investors will want to keep a keen eye on this market and watch for companies that emerge to fill the need for legal recreational cannabis.