The coronavirus crisis has dealt the economy a blow it will take years to recover from. Industries that were especially hit by shut down orders like airlines, restaurants, and tourism are looking at a long, tough road before they can get back to pre-pandemic levels. With all but the most essential businesses shut down and commerce brought to an almost complete standstill, states have lost millions in tax revenues over the past few months. However, proponents for marijuana legalization have argued that marijuana sales could help stimulate the economy as it recovers.
In the weeks before the shutdowns began, cannabis dispensaries saw a spike in sales, and the industry has consistently reported increasing sales, in some cases even breaking monthly records, during the course of the pandemic. The governor of New Jersey believes the state would get a major economic boost from legalizing marijuana. On top of that, he adds it will promote racial justice, especially as countrywide protests against the aggressive policing of black and Hispanic communities continues.
New Jersey Governor Phil Murphy was recently interviewed on the Jim Kerr Anytime radio show, and the state’s ailing economy was discussed. He recognized that the state will have to be innovative to generate more revenue as the coronavirus crisis rages on, and he concurred with a co-host’s assessment that cannabis could be part of the solution. “As you probably know, I’ve been on that from day one. The legislature hasn’t been able to get there yet, but absolutely,” he said.
“That’s, to me, an incredibly smart thing to do. We’re not inventing marijuana, it exists. It’s got a huge social justice piece for me. The overwhelming percentage of persons nailed in our criminal justice system are persons of color. It’s a no brainer in that respect. It’s a job creator, it’s a tax revenue raiser, and it checks a lot of boxes. I hope we’ll get there sooner than later.”
New Jersey allows medical marijuana, and the state recently announced that cannabis dispensaries would now be able to deliver products to their customers. Although the legislature has so far been unable to pass a recreational marijuana legalization bill, they approved legislation to put a referendum on the issue in the November ballot. Additionally, the state Assembly passed a cannabis decriminalization bill last month that would make possession of up to two ounces of cannabis a civil penalty without the threat of jail time.
The sentiments expressed by Gov. Phil Murphy echo what the entire industry, including Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF), has always said about the economic benefits of having a regulated cannabis industry.
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