According to a Marijuana Business Daily projection, New Jersey could have a recreational cannabis industry annually selling between $850 million and $950 million worth of cannabis products by 2024.
Someone has to grow those high-quality buds. So it should come as no surprise that one of the largest agricultural companies in the U.S., ScottsMiracle-Gro, is donating substantial funds to legalize in the “Garden State.”
Marijuana Business Daily reported that state records showed ScottsMiracle-Gro had donated $800,000 of the nearly $1.3 million raised as of October 2. This donation is a prime example of how mainstream companies are willing to invest in the future of cannabis and its legalization.
Scotts hopped into the cannabis sector with its hydroponics subsidiary, Hawthorne Gardening, making $1 billion in acquisitions. The company purchased the largest hydroponic distributor, Washington-based Sunlight Supply, in the U.S. for $450 million in 2018, improving Hawthorne’s ability to serve the hydroponics market.
While Scotts has contributed to New Jersey’s recreational cannabis election, large cannabis companies and medical cannabis operators in the state haven’t contributed nearly as much.
The executive director of the New Jersey Election Law Enforcement Division, Jeff Brindle, explained in a news release that the cannabis legalization initiative has already become one of the top 10 most funded ballot questions in the state’s history.
But Brindle claims he expected more, highlighting that the successful adult-use ballot measure in Michigan in 2018 received $7 million in promotional financing.
Some organizations have funded awareness within the state. The New Jersey chapter of the American Civil Liberties Union (ACLU-NJ) donated $323,500 to promote awareness of the adult-use legalization ballot question featured on Nov. 3. But there’s just one organized group in opposition to the measure, Don’t Let NJ Go to Pot. According to New Jersey election officials, this group has raised less than $10,000.
The Press of Atlantic City reported that the ACLU-NJ is surprised that more companies aren’t pushing for legalization in New Jersey.
Disappointed in the lack of support, Amol Sinha, executive director of the ACLU-NJ, said, “We won’t financially benefit from legalization. So where are the MSOs? I don’t know what’s up with that.”