New Jersey’s Impending Marijuana Legalization Vote Is Accelerating An Already-Hot Market

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After many years of legislative failures, New Jersey finally voted to legalize Marijuana. This constitutional amendment was voted on November 3, 2020. The result of the vote was 2,737,682 yes and 1,343,610 no. The “Yes” vote, therefore, amounts to 67.08%, while the “No” was 32.92%.

The “Yes ” vote is supportive of the constitutional amendment to legalize the possession and use of marijuana. However, this is only meant for persons aged 21 and above. Thus, it is illegal for individuals below the age limit to possess and use the drug. The amendment also means that Marijuana can be cultivated, processed, and transacted in New Jersey.

The “No ” votes, on the other hand, opposed this constitutional amendment.

Marijuana is one of the most controversial drugs in the US, so is its legalization. There has always been fear of misuse of the drug. It is narcotic and can affect the mood or behavior of an individual. Already, many people have been abusing the drug even before its legalization. However, with the right policies in place, abuse of the drugs can be controlled.

New Jersey is not the first state to legalize Marijuana. Recently, the possession of all drugs was decriminalized in Oregon. That’s not all yet. Deep-red Mississippi also approved medical Marijuana. Also in that rank is South Dakota and Arizona fully legalized Marijuana.

However, none of these Legalization measures is as influential as New Jersey’s. The state passed its Question 1 proposed amendment, and over two-thirds of voters voted yes. There’s nothing surprising about this, considering the 67.08% support it got.

How Will The Legalization Affect New Jersey’s Economy

Though many people oppose the legalization of Marijuana in the US, however, now that New Jersey has joined the rank of states that has legalized the drug, we should talk about the economic importance of this move.

We can study the economic effects of Marijuana in the states where it has been legalized to know how the New Jersey’s economy will be affected. Speaking on this topic, Senate President Steve Sweeney of South Jersey recently commented on NBC10, where he said, “The new industry could create 43,000 jobs in the state.” However, besides job creation, legalizing Marijuana can also generate Taxes for the government. It’ll provide investment opportunities and also give researchers more access to the drug to aid their research.

The Legalization Vote Is Accelerating An Already-Hot Market

New Jersey’s legalization of Marijuana doesn’t mean sales will begin right away. However, a study has revealed that the news about the Cannabis legalization vote has increased illegal transactions.

New Jersey is one of the key states in the US with a high rate of illegal Marijuana dealings. There’s a hot market for the controversial drug in the state even before its legalization votes. Thus, the reason for the increased transactions following the Legalization votes.

How soon the drug will hit the market after the legislative vote is yet to be known. Nevertheless, New Jersey will need to ensure that the legislation is not abused.

References https://ballotpedia.org/New_Jersey_Public_Question_1,_Marijuana_Legalization_Amendment_(2020)https://www.rollingstone.com/culture/culture-features/weed-legalization-cannabis-new-jersey-legal-marijuana-1085105/amp/

NJ Votes to Legalize Weed, Though Sales Won’t Begin Right Away

https://www.investopedia.com/articles/insights/110916/economic-benefits-legalizing-weed.asp

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