The prospects for recreational marijuana legalization in New Jersey are looking brighter. According to a poll of roughly 700 registered voters conducted by that state's Monmouth University and published on Thursday, 61% of respondents would vote in favor of it. Only 34% answered that they would vote against it.
New Jersey residents will vote on the matter in November. A recreational-cannabis legalization referendum has been put on the state's ballot for this year's election cycle.
Although marijuana legalization, in general, has been seen as enjoying far more support among Democrats, the Monmouth poll indicates that quite a few Republicans are on board. Forty percent of GOP voters polled said they would approve the upcoming measure.
Although recreational cannabis is still technically illegal in New Jersey, the state has sanctioned the sale and consumption of medical marijuana. This form of the drug is sold in a clutch of dispensaries already operating in the state, with numerous cannabis companies such as Acreage Holdings (ACRGF) involved in the business. Earlier this year, Acreage opened the first dispensary in storied gambling-mecca Atlantic City.
Similar to the West Coast, the U.S. Northeast is relatively relaxed when it comes to marijuana tolerance. Three of the 11 states that have legalized recreational cannabis are located in the region.
Full legalization in New Jersey, with its population of nearly 8.9 million, would be a boon to marijuana companies not only operating in the state presently, but also to multistate operators (MSOs) seeking to widen their footprints.
Acreage shares rose by almost 4.6% on Friday, exceeding the gains of the wider stock market.