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New Jersey cancels vote on bill legalizing marijuana

Lawmakers pulled the vote after the bill failed to secure the necessary support ahead of the scheduled vote

Cannabis and money
Another vote is unlikely to be scheduled before the November elections

New Jersey state legislative leadership nixed a vote on a bill that would've legalized recreational marijuana in the Garden State.

Gov. Phil Murphy, who campaigned on legalization, spent the past week reaching out to state senators, nj.com reported, but couldn't get the legislation over the finish line. Another vote is unlikely to be scheduled prior to the November elections.

The move pushes back the timeline for adult-use marijuana, an industry that would need about a year to get up and running after legalization passes.

The bill included a six-month buffer for regulations to be drawn up, and medical marijuana sellers would need approval before expanding to the public at large. 

Currently, there are six marijuana dispensaries in the state, per nj.com, which could double before sales begin. Those dispensaries would need to prove the have enough capacity to sell to all their patients before selling to the public. 

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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