New Jersey Looks to Legalize Possession
Ryan Allway
March 19th, 2014
Policy, Top News
New Jersey could legalize the possession of up to one ounce of marijuana and paraphernalia after a bi-partisan bill was introduced last week. If passed by the legislature, Assembly Bill 2842 would put marijuana legalization in the hands of New Jersey’s voters as the first state to pass a marijuana legalization measure of any kind through a state legislature.
Currently, New Jersey arrests over 22,000 people every year for marijuana possession at a cost of over $125 million of taxpayer money. Possession of up to 50 grams of marijuana is a disorderly persons offense punishable by imprisonment of up to six months, a fine of up to $1,000, or both. By contrast, Colorado has legalized marijuana and generated millions in tax revenue.
Assembly Bill 2842 is expected to pass the State Assembly with bi-partisan support, but the governor’s position on the matter is uncertain and the move may not make it to voters. Despite 2013 polls showing that nearly 60% of voters support legalization, governor Chris Christie has repeatedly stated that he would veto any bill supporting marijuana decriminalization.
Unlike Colorado or Washington, New Jersey doesn’t allow conventional ballot initiatives where citizens can petition to put a measure on the ballot. The legislature and governor must both sign off on any measures before they are put to a vote.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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