Recreational Marijuana in New Jersey About a Year From Market, Murphy Says

(Bloomberg) -- Widespread New Jersey recreational marijuana sales probably will start in 12 months, Governor Phil Murphy said -- too late to boost revenue for the current fiscal year.

“It could be as much as a year -- I hope it’s sooner than that,” Murphy, a first-term Democrat, said on Fox Television’s “Good Day New York.” A regulatory framework still being formed, though, could allow medical-marijuana dispensaries to bring legal pot to market sooner.

“If they can prove that their supplies are sufficient to take care of their medical patients, and they’ve got excess capacity, there’s a potential for them to be able to engage in retail or non-medical cannabis before a year from now,” Murphy said.

Voters in New Jersey and four other U.S. states on Nov. 3 approved ballot measures to legalize adult-use cannabis. New Jersey anticipates collecting $126 million annually in related revenue, but the state won’t realize any gains for the current fiscal year if sales don’t begin before June 30.

©2020 Bloomberg L.P.