New Jersey CPAs split on legal marijuana

New Jersey CPAs are almost evenly split on the legalization of adult-use marijuana in the state and its potential impact on the local economy, according to a new survey by the New Jersey Society of CPAs.

Of the 1,058 New Jersey CPAs polled by the NJCPA earlier this month, 48 percent believe that legalization of adult-use marijuana would help the local economy. Conversely, 22 percent of respondents said legalized cannabis would have no economic impact, and 20 percent said legalization would hurt the economy.

Overall, 51 percent of New Jersey CPAs favor adult-use legalization of marijuana while 48 percent oppose it. Of the 559 respondents who are pro-legalization, more than 40 percent favor a potential 12 percent cannabis sales tax, while 32 percent support a tax of between 12 and 25 percent. New Jersey Governor Phil Murphy has previously called for a 25 percent tax on potential cannabis sales, while New Jersey Senate President Stephen Sweeney supports a 12 percent tax.

The poll comes on the heels of Governor Murphy calling for the legalization of adult-use marijuana in his State of the State address on Jan. 15, citing social justice and increases in state revenue. New Jersey currently prohibits recreational marijuana, but allows medicinal marijuana use.

“The survey results show that our members, while equally divided over the concept of the legalization of adult-use marijuana, do see a benefit to the state’s economy,” said NJCPA CEO and executive director Ralph Albert Thomas in a statement. “If indeed this bill is passed, CPAs will be in high demand to ensure the efficiency of such an industry.”

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