New Jersey is expected to approve a ballot initiative to legalize adult-use (aka recreational) marijuana on Election Day next month. Aside from stoking up the 61% of likely Garden State voters in favor of the measure, its passage is projected to generate up to $400 million in adult-use sales in its first year and $950 million by 2024, translating then to nearly $63 million in annual state tax revenue and an additional $19 million in local taxes, as estimated by Marijuana Business Daily

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