Marijuana legalization approved by New Jersey voters

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New Jersey overwhelmingly voted to legalize recreational marijuana Tuesday with 67% of citizens voting in favor as of 11:30 PM ET.

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The "Garden State" joins 11 other states and Washington, D.C. in making weed legal.

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Pot stocks may see some attention on Wednesday and beyond the markets, New Jersey is confident of some economic growth and social reform.

New Jersey Governor Phil Murphy has been pushing for marijuana legalization since he was elected in 2017.

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“One hundred fifty million dollars. That’s what processing marijuana arrests costs New Jersey taxpayers every year—arrests that disproportionately impact young people of color and make it harder for them to get a job, a place to live, even a credit card,” Murphy said in a recent video.

"Eleven states and Washington, D.C. are already reaping the benefits of the job creation, economic development, and, importantly, social justice reform that comes with legalization and regulation. It’s time for us in New Jersey to join them."

37,623 people in New Jersey were arrested on marijuana possession or distribution charges in 2017, which comes out to about one arrest every 15 minutes, according to an ACLU report last year.

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Marijuana will be legal to buy and use for people over the age of 21.

Legislation to set up the legal market still needs to be passed, but with Murphy's support and a Democratic state legislature, that should happen soon.

The sale of marijuana will be subject to the state sales tax, which is 6.625%, and local government can slap on their own taxes. Other details, such as regulations around grow operations and legal possession amounts, also need to be ironed out.

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