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“I believe that this legislation will establish an industry that brings fairness and economic opportunity to all of our communities, while promoting public safety by ensuring a safe product and allowing law enforcement to focus their resources on serious crimes,” said Murphy.

Assembly Speaker Craig Coughlin said March 25 was a “good target date” in terms of bringing the bill to the state Legislature for vote.

“But I think it’s most important that we get this right,” the Assembly speaker said. “We’re doing something that’s a seismic shift in public policy and we’re creating a new industry. I think that demands we get both of those things right.”

If the bill passes and becomes law in New Jersey, the state’s adult-use marijuana market would come under regulation by the Cannabis Regulatory Commission, which consists of five members appointed by the governor. The commission will have the authority to promote regulations and oversee licensing applications.

MJ is up 48.72 percent year-to-date after posting a loss of 21.77 percent in 2018.

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