Marijuana stocks rally after New Jersey governor, lawmakers unveil plan for legal weed

Shares of major cannabis companies rallied Tuesday after New Jersey politicians outlined plans to legalize the adult use of recreational marijuana in the state.

Several New Jersey legislators joined Democratic Governor Phil Murphy in announcing Tuesday a bill that would allow adult-use marijuana in the Garden State. The legislation would also allow municipalities that are home to a cultivator or manufacturer on the product within their jurisdiction.

“Legalizing adult-use marijuana is a monumental step to reducing disparities in our criminal justice system,” Murphy said in a press release. “After months of hard work and thoughtful negotiations, I‘m thrilled to announce an agreement with my partners in the Legislature on the broad outlines of adult-use marijuana legislation.”