On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW – Recreational Marijuana Legalization in New Jersey Could Trigger Regional Domino Effect

A projection of sales shows the recreational cannabis industry in New Jersey reaching between $850 and $950 million annually by 2024. The state, which has a population of almost 9 million people, will be holding a vote for residents to legalize a recreational marijuana market come November. For many, this is a risk they are willing to invest in, with billions of dollars’ worth of business opportunities riding on the outcome of the vote.

If New Jersey residents approve the marijuana market, many leaders expect a similar chain of events to occur inland and along the Eastern Seaboard, which will create an adult-use cannabis region that will be among the largest globally.

The total population of the states that have been in talks about adult-use legalization which include Pennsylvania, New York, Rhode Island and Connecticut, is 37 million, which is more than four times the number of people who reside in New Jersey.

With a recreational cannabis industry already established in Massachusetts and another smaller market set to launch on October 9 in Maine, the president of the CannaBusiness Association, New Jersey, Scott Rudder, predicts that New Jersey is the last hurdle for Pennsylvania, New York and the surrounding states.

A cannabis attorney, Bridget Hill-Zayat, agrees with Rudder, stating that the legalization of a recreational cannabis market in New Jersey will motivate the surrounding states.

Despite the New Jersey proposal lacking some details like the number of business licenses that will be made available, regulations and laws will be added on by cannabis regulators and state legislators after voters pass the initiative.

According to a DKC Analytics poll that was conducted in July, 68% favor the legalization initiative with 26% against it and another 6% polling as unsure. An earlier poll that was carried out in April by the Monmouth University showed that 61% of the respondents were in favor of the legalization.

At the moment, the state has only 12 medical cannabis dispensaries with a few more expected to open in the months to come. Many believe that the medical marijuana dispensaries currently operating will be the first to operate in the adult-use market, as a way to accelerate but also ease the market’s launch by late 2021.

Rudder predicts a level of urgency from legislators to give the authority and for regulators to establish regulations due to the pressure the sector will be under to create economic opportunities and generate tax revenue. This is mainly because of the effect the coronavirus pandemic has had on the state’s economy. These anticipated economic benefits confirm what the marijuana industry, including companies like The Alkaline Water Company Inc. (CSE: WTER) (NASDAQ: WTER), has always believed about the immense benefits of having a regulated cannabis market.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Archives

Select A Month

Official NewsWire Relationships

Alternative Products Expo Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition Cannexpo Marigold PR MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo Tether BudTender Tether BudTender Appreciation Week

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722