New Jersey Close to Legalizing Medical Marijuana

It is reported that a bill to legalize medicinal marijuana has passed the New Jersey State Senate and governor Jon Corzine has signalled that he would sign such legislation on his way out of office. If passed, this would make New Jersey the 14th state to legalize the possession of marijuana for medicinal purposes.

Debate rages on over the legalization efforts nationally. As states struggle with severe budget shortfalls in a recessionary environment, the taxes collected from regulated sales of marijuana represent a significant source of state revenue.

California, where medical marijuana is legal, collects sales tax on a reported $200 million dollars annually (as of 2009). In a state where pot is the largest cash crop, netting approximately $14 billion per year for all growers (legal and illicit), the potential for tax revenues is hard to ignore.