• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • News
  • Lifestyle
  • Wellness
  • Cuisine
  • Product Reviews
  • Subscribe
Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Emerald Media News Subscription
  • Print Magazines
  • 100+ Minority-Owned Companies to Support
  • No Pipe, No Problem
  • Blunt vs. Joint
  • The Cost of Cannabis in Each State
  • Calculating Your Edibles Dosage
  • Flintts Mouthwatering Mints

New Jersey Gov. Phil Murphy is Seeing Green Amid Economic Downfall

July 18, 2020 by Rita Thompson Leave a Comment

Phil Murphy standning

 

The U.S. economy is struggling in the wake of the global pandemic. In an attempt to offset some of New Jersey’s economic struggles following the novel coronavirus outbreak, Gov.Phil Murphy says legalizing cannabis could be the boost they need. 

Federal Help

“We still need federal cash assistance direct into the states,” Murphy explained on the Jim Kerr Rock & Roll Morning Show. “That’s something that I hope Congress will get to, sooner than later, that the president will sign. That’s another big slug that we need. We’ll look at revenues that we can potentially raise on our own.” 

According to North Jersey, State Democrats have already announced a vote on borrowing up to $9.9 billion from the federal government to offset revenue losses. Murphy noted that while many GOP leaders say that the state cannot borrow to generate revenue, “You should assume that [the bill will] be signed pretty much as soon as it gets here.” 

The bill, if passed, will permit the state to borrow about a quarter of its annual budget, and that taxpayers could be on the hook to repay it over as many as 35 years. 

The Senate and Assembly are expected to announce their decision on Thursday (Jul. 16th). 

“It’s a job Creator, it’s a tax Revenue Raiser…”

One of the morning show’s hosts, Shelli Sonstein, suggested taxing cannabis as a way to help offset the financial crisis brought on by closures. 

As noted in the Emerald’s recent piece, legalization would provide generation revenue for federal, state and local governments. 

In Colorado, for example, taxes and fees on medical and recreational cannabis collected more than $302 million in 2019 alone, reports the Denver Post. 

“Listen, as you probably know, I’ve been on that from day one,” Murphy responded, referring to his legalization attempts in 2018. 

“The legislation hasn’t been able to get there yet, but absolutely. That’s an incredibly smart thing to do,” Murphy expressed. 

“We’re not inventing marijuana, it exists. It’s got a huge social justice piece for me,” he continued, noting the overwhelming percentage of Black men in our criminal justice system.

“It’s a job creator. It’s a tax revenue raiser,” he added, “It checks a lot of boxes. I hope we’ll get there sooner than later.” 

The Timeline

Just last year (2019), Gov. Murphy attempted to legalize cannabis and tax the commercial industry in New Jersey. However, after a month-long effort, Democrats were unable to muster enough support. 

Last fall, lawmakers voted to leave the decision up to New Jersey residents with a 2020 ballot initiative. Currently, according to a poll by Monmouth University, 62% of adults in New Jersey say they support legalizing the possession of small amounts of cannabis, with 32% in opposition. 

As noted by Politico, support was strongest among young adults (81% among those ages 18 – 34), Democrats (72%) and independents (61%). Forty-seven percent of the Republicans surveyed supported legalization as well.  

With the majority of New Jerseyans seeming to support legalization efforts, New Jersey may just be next on the list of legal states. 

 

Written by Rita Thompson

 

New Jersey Assembly Expands Medical Cannabis Program

Filed Under: Current, Lifestyle Tagged With: cannabis, coronavirus, economy, legalization, New Jersey, phil murphy

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Advertise Here

Categories

Sustainability

seaweed naturals

SeaWeed Naturals Combines the Power of Seaweed with Cannabis to Further Ocean Restoration

April 3, 2022 By Maggie Horton

fungi climate change

Research Finds Fungi Help Ease Climate Change and Benefit the Environment

March 30, 2022 By Julia Meyer

climate crisis and the pandemic

“We Can Act:” What Bending the COVID-19 Curve Teaches Us About the Climate Crisis

April 21, 2020 By Melissa Hutsell

Footer

  • Subscribe
  • About
  • Contact
  • Privacy
  • Press

Recent

  • The Rise of Uncle Arnie’s in the Cannabis Beverage Market
  • Get Lit with Keith Romanowski of Lit Studio
  • Say Goodbye to Insomnia: 8 Tips for Getting a Good Night’s Sleep
  • Cannabis on the Ballot: State Legalization and the 2022 Midterm Results
  • Emerald’s 2022 Holiday Gift Guide

Search

Copyright © 2023 · The Emerald™ · News & Lifestyle Magazine

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Cannabis News and Culture Magazine
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.