NJCIA’s Response to Governor Murphy’s Budget Address
Trenton, New Jersey – Governor Phil Murphy addressed a joint session of the New Jersey legislature to announce his first state spending plan which reflects many campaign promises, including the future of the cannabis industry in New Jersey.
During his gubernatorial campaign Phil Murphy took a strong stance on expanding the medical marijuana program along with bringing a well regulated and legal cannabis market to the Garden State. Since his swearing in, Governor Murphy has made every indication that he intends to keep the promises he made to New Jersey. The Governor’s budget estimates that the State of New Jersey will raise $80 million of direct tax revenue through an expanded medical program and adult-use market for the 2019 fiscal year.
Looking to the future, when the market matures, it has been estimated that New Jersey could generate approximately $300 million a year in tax revenues – the $80 million in the proposed budget is a modest figure, which reflects the early stages of a growing cannabis industry. Importantly, a robust medical and well regulated adult-use cannabis markets will help to redress the social injustices suffered by many of our communities.
“Our association is proud of our Governor who is taking charge and doing what is right for New Jerseyans” said Hugh O’Beirne, President of the NJCIA. “The proposed budget proves that Governor Murphy has the commitment and courage to deliver on his campaign promises on medical expansion and the development of a well regulated adult-use cannabis industry.”
“This budget is an early step in the process of developing a well regulated market but proves the future is bright for New Jersey,” said Dara Servis, Executive Director of the NJCIA. “Going forward, our association is committed to helping make this vision a reality by supporting our Governor and working with legislators to ensure a regulated adult-use cannabis market is properly implemented in New Jersey.”
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The New Jersey Cannabis Industry Association is the state’s largest nonprofit trade association dedicated to advancing the legalization of cannabis.
NJCIA’s mission is to promote sensible policies to optimize the responsible growth and development of New Jersey’s cannabis market. The NJCIA strives to promote all industry sectors including: biotechnology, cultivation, manufacturing, finance, retail, security, industrial hemp and consulting services. Our policy makers are relying on industry thought leaders to provide best practices and common sense solutions for cannabis in the Garden State. Further information about the New Jersey Cannabis Industry Association can be found at www.NewJerseyCIA.org