Latest polls show that New Jersey voters poised to approve marijuana legalization in November by a two-to-one margin, with widespread support from across the political spectrum and strong backing from the Democratic Governor Phil Murphy. The referendum would legalize adult-use recreational marijuana, but the legislature would still have to work out rules and regulations to govern the new cannabis market. Murphy has called legalization “an incredibly smart thing to do,” and regards it as a way to reform the criminal justice system and promote social justice, describing marijuana arrests as a waste of taxpayer dollars. No word, however, on the risks pot poses to public health and the potential for increased healthcare costs.
Meanwhile, cannabis company stocks have surged after last week’s vice presidential debate, in which Democratic VP-nominee Kamala Harris vowed to decriminalize marijuana under a Biden administration. Even though many states have legalized marijuana use, banks and other financial institutions have so far largely refused to work with the industry as cannabis is till a classified substance at the federal level.
And finally, Mexico is set to legalize marijuana—which would make the country the world’s largest legal marijuana market. The country’s Supreme Court recently cleared the way for legalization, ruling that individual liberty outweighs any potential downsides. Supporters also claim legalization would reduce drug cartel violence, but critics point out that the role of pot in the international drug trade has been diminished since legalization in Canada and some U.S. states have reduced demand for Mexican pot.