On Monday, New Jersey lawmakers took a big step toward legalizing cannabis.
Committees from the state Senate and Assembly passed a bill that would legalize adult use of marijuana.
It’s major news – and it could spark a “Pot Stock Santa Claus Rally.”
New Jersey is the eleventh-largest U.S. state – with a population of 9 million people. That makes it slightly smaller than Michigan – with 9.9 million people – where cannabis was legalized on Nov. 6.
The two committees have passed an adult use bill. The next step is a full vote by the state legislature.
They could vote on the legislation as early as Dec. 17.
Rolling Stone reports that the New Jersey legislature and governor are 98% in agreement over the terms of a marijuana bill.
A bill could be on Governor Phil Murphy’s desk before the New Year.
Murphy is a Democrat who campaigned in favor of marijuana legalization. In November 2017, he said that he would legalize cannabis in his first 100 days in office.
The new law would permit cannabis delivery services, allow for licensed dispensaries and fully legalize adult use statewide.
Sale of cannabis to adults in New Jersey could begin in 2019.
That’s because New Jersey already has dispensaries for medical marijuana. The state could permit those facilities to also sell to the recreational market. That could speed up the rollout of a new adult use market.
Expansion of adult use in the Garden State would be another WIN for the legalization movement.
Earlier this month, Massachusetts commenced cannabis sales. Plus, Missouri and Utah legalized medical marijuana. And Michigan became the tenth state to fully legalize recreational marijuana.
Most investors will WAIT until the news is certain – before jumping back into pot stocks.
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