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Governor Phil Murphy (D) highlighted cannabis industry successes in his budget address for Fiscal Year 2026. It will be his last since he is term-limited in his position.
“Though we have come far in this journey we have not reached the finished line yet,” he said.
“The reality is the working people who keep our State moving cannot slow down, and neither can we,” Murphy added.
“As a I declared last month in my State of the State, I’m not done yet and we’re not done yet,” he said.
“Consider the ascent of our adult-use cannabis industry, which simply did not exist, at least legally, before I entered office,” Murphy joked.
It’s funny because it’s true.
“Just last year, our adult-use cannabis market surpassed $1 billion in sales. The tax revenue we have generated from the sale is providing funding in part to support violence intervention programs across our state,” he said to applause.
“In just 5 years, cannabis has gone from destroying lives in the form of excessive criminal sentences, to helping save lives,” he said.
Murphy cited Senate President Nick Scutari (D-22-Union)’s leadership on the issue to applause.
He noted Tahir Johnson of Simply Pure Trenton in Ewing was in the audience.
“Tahir employs a number of New Jerseyans, who like himself, were unjustly targeted in the War on Drugs,” Murphy said. “Keep up the good work man.”
Simply Pure is actually a franchise of a Black woman owned business from Colorado that Johnson made a deal with.
Johnson is the founder and CEO of Simply Pure Trenton Ewing, one of New Jersey’s first Black-owned recreational cannabis dispensaries. He is a Trenton native and social equity licensee.
Johnson was previously arrested for cannabis and overcame significant regulatory and financial hurdles to build a thriving business in his hometown of Ewing. Before entering the cannabis industry, he had a successful career in finance, including roles at Morgan Stanley and other prominent firms.
He also served as President of the Minority Cannabis Business Association (MCBA) and held key positions at the Marijuana Policy Project (MPP), the U.S. Cannabis Council (USCC), and the National Cannabis Industry Association (NCIA). So, he shaped policies to expand social equity and incentivize minority entrepreneurship in adult-use cannabis.
With Simply Pure Trenton, Tahir has proven that the social equity programs supported by the Murphy Administration can drive meaningful economic growth and uplift historically marginalized communities. Tahir’s story is a perfect example of what it means to build a stronger and fairer New Jersey.
Murphy criticized the fiscal policies of his predecessors for hurting the State’s finances.
“Those years of failed leadership have come at a big cost for our families,” he said.
“The single biggest challenge facing people of New Jersey is the cost is too high,” Murphy noted
He noted how expensive eggs are along with housing.
“It’s really no wonder our working neighbors feel forgotten by those in power,” Murphy noted.
“Last year New Jersey emerged as the fastest state’s growing in the Northeast,” he said.
Murphy said it’s also one of the fastest-growing states in the nation.
“Our new budget will cap all discretionary spending,” Murphy noted.
He said the budget will have a $3.6 billion surplus.
“Just as a large surplus is important, so too is narrowing New Jersey’s so called structural deficit,” Murphy said.
He said they invested heavily to overcome the COVID-19 pandemic.
“We are fully committed to shrinking the structural budget,” Murphy noted. “We cannot spend beyond our State’s means indefinitely.”
He said their budget is about $58 Billion.
“What would you cut? I for one refused to sell off our children’s future just to score a cheap headline,” Murphy said.
He also said he did not want to cut health or transportation.
Murphy noted many are worried about the next 4 years.
“These are not normal times. We are facing more uncertainty at the federal level than at any other point in modern history,” he said. “This is uncertainty has a direct impact on us.”
“There is a distinct possibility we will need to pursue a break the glass strategy,” Murphy noted. “What that looks like, we cannot say.”
He said they want to increase safety by funding the Arrive Together program with police working with civilians to de-escalate tension.
“So, they can work handing in to keep our community safe,” Murphy said.
He said they have also invested money received from a legal settlement to fund opioid addiction treatment
Murphy said drug-related deaths have decreased for two years in a row.
“Since 2018, the number of Black-owned businesses in our state has nearly doubled,” he noted. “We have seen more than 5,000 new Hispanic businesses open their doors.”
“We have built the strongest economy in our region,” Murphy said.
He said they wanted to ignite the State’s start-up culture.
“New Jersey is the state where big ideas comes to life,” he declared.
“We will leave our State better than we found it,” Murphy said to conclude.
“}]] Governor Phil Murphy highlighted cannabis industry successes in his budget address for Fiscal Year 2026, his last. Read More
