New Jersey is ready to join the recreational marijuana clubs with its Voters’ Referendum in November 2020. A certainty thanks to CORVID-19. With the state strapped for revenue from fights the pandemic, adult marijuana can add $150 million each year to the pot with very little efforts. For this reason alone, voters will jump on the gravy train and enjoy the ride with the other states that were progressive enough to understand the long-term potential of recreational marijuana.
As our G-101 algorithm correctly predicted in late 2018, "the new year 2019 will not a good year for the cannabis stocks, expect major investment losses." Net losses on average were 81% from December 31, 2018 values to the present. Meanwhile, the black market remains unstoppable throughout North America. An estimated $8.7 billion in illegal cannabis sales happened in 2019 — more than double the number of legal sales. As for 2020, add another $630 million to the title.
America's top-selling marijuana projected for 2020
1. California: $3.8 billion (recreational and medical mix)
2. Colorado: $1.7 billion ($1.4 billion recreational, $0.3 billion medical)
3. Michigan: $1.21 billion ($299 million recreational, $909 million medical)
4. Florida: $1.2 billion (all medical)
5. Washington: $1.1 billion (recreational and medical mix)
6. Nevada: $960 million ($900 million recreational, $60 million medical)
7. Oregon: $831 million ($796 million recreational, $35 million medical)
8. Arizona: $804 million (all medical)
9. Massachusetts: $682 million ($451 million recreational, $231 million medical)
10. Illinois: $543 million ($270 million recreational, $273 million medical)
New Jersey projected to rate second in marijuana sales for 2021.
Based on our G-101 algorithm, New Jersey is capable of product $1.9 billion in gross recreational marijuana sales in 2021 and $350 million in total tax collections. Not farfetched, Colorado medical and recreational cannabis sales hit a record $1.75 billion in 2019, up 13% from 2018, according to data from the Department of Revenue's Marijuana Enforcement Division. Marijuana tax collections also hit an all-time high, at more than $302 million in 2019.
In key categories, New Jersey is a richer state than Colorado.
6th in federal income tax payments: In 2018, New Jersey taxpayers sent $62 billion to Washington in federal income taxes, sixth-highest among the 50 states. The No. 1 donor was California, with $199 billion.
New Jersey homeowners pay the highest property tax rate in the nation, according to the Tax Foundation. Their rate was 3.08 percent in 2019, must higher than Colorado. The New Jersey Department of Community Affairs reported that the average homeowner's property tax bill was $9,910 in 2019.
Population Growth in New Jersey: population is projected to increase from 8,791,900 in 2010 to 9,241,900 in 2020; or 0.50% per annum, on average. annum between 2020 and 2030. The total number of residents will reach 9,648,100 by 2030.
Colorado's population expected to reach 5.8 million in 2020. DENVER — Colorado is continuing to boom with new jobs, development, and people, according to data from the state. In the last 20 years, Colorado's population has increased by a little more than 1.5 million people.
Selling recreational marijuana in New Jersey will become a big business and we are ready.
Northridge Corporation plans to form an affiliate, Jersey-Green Corporation, a New Jersey charted entity, to coordinate with our wholly owned subsidiaries, First Jersey Cannabis Corporation and First Jersey Capital Corporation, to be the primary New Jersey recreational marijunia producer and distributor.