New Jersey could reap as much as $1 billion a year from legal marijuana — the equivalent of more than a half-cent boost in the sales tax — if the state taxes the industry aggressively and imposes fees on growers, distributors, testing labs, retailers and delivery services, according to projections by a law firm.

The conclusion illustrates the stakes faced by Phil Murphy, who campaigned for legal recreational use in his bid for governor.

The incoming governor is seeking a windfall to pay for big-ticket items like free community college for residents. However, representatives of the nascent industry caution that a heavy-handed approach from Trenton could stifle business, keeping much of marijuana production and distribution underground and untaxed.

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James Nash ~ NorthJersey.com ~