He says he would join eight other states in legalizing marijuana for people 21 and older and creating what is predicted to be a multibillion-dollar industry. Murphy's promised to sign a legalization bill into law within the first 100 days of his term.
Murphy said he sees legalizing marijuana as a solution to the social justice problem of higher arrest and conviction rates for blacks than white.
But the tax revenue is a big deal, too. Murphy has said he would impose three new taxes to help pay for some of the initiatives in his agenda and the sales tax from legal weed is one of them. A study estimated the state would reap $300 million from recreational pot.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.