Under Governor Phil Murphy, New Jersey is considering expanded cannabis legalization since it could raise $300 million in sales tax revenue.

New Jersey Moves Closer to Expanded Cannabis Legalization

On Tuesday November 7, Mr. Phil Murphy was elected to be the next governor of New Jersey. Governor-Elect Murphy has supported expanded cannabis legalization throughout his campaign. A legalization bill could come up for vote in the state senate several months after Governor-Elect Murphy is sworn into office in 2018. If expanded legalization were to pass, some have estimated the state would collect an estimated $300 million in sales tax revenue. Colorado raised $2 million in tax revenue in its first month of legalization. Stay tuned for updates in the coming months.

About Ben Aspir

Benjamin Aspir is a Tax Manager with expertise in tax, audit and accounting services. Member AICPA and New Jersey Society of Certified Public Accountants.

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