TRENTON — New Jersey could reap $300 million a year in sales tax revenue by legalizing marijuana for recreational use, according to a new report by supporters of the effort.
The report by New Jersey United for Marijuana Reform and New Jersey Policy Perspective says a federal study shows about 365,900 people in New Jersey age 21 and over illegally use marijuana on a monthly basis, consuming 2.53 million ounces a year.
With the average price of cannabis on the street going for $343 an ounce, the underground marijuana market nets $869 million in sales.
If pot was legalized, that marketplace would be worth $1.2 billion from consumers in New Jersey and surrounding states.
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Susan K. Livio ~ NJ Advance Media for NJ.com ~
