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NEW YORK (CNNMoney) – If New Jersey follows through on plans to legalize recreational marijuana, analysts believe the Garden State could grow into a $1 billion market.
Democrat Phil Murphy, who was elected Tuesday as New Jersey’s next governor, vowed on the campaign to legalize marijuana and use a potential $300 million tax revenue to fund education programs and worker pensions.
Legislators there are taking him at his word. State Senate President Stephen Sweeney said he wants call a vote on an a draft bill that was written in May, and get it approved within 100 days of Murphy’s inauguration on January 16. Murphy did not return a request for comment from CNNMoney.
Getting to $300 million in tax revenue could take some time.
“The uncertainty at this point is how long it will take from the legislation being signed to stores selling product,” said Jon Whiten, spokesman for the New Jersey Policy Perspective, a think tank that’s making recommendations on the recreational marijuana infrastructure. “Some industry folks are suggesting at least one year