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State leaders have made significant progress on plans to legalize marijuana in New Jersey and could move forward on new legislation as early as next week.

Several sources close to the negotiations told NJ Advance Media that an updated legalization bill and renewed debate in the state Legislature could come “any day now," though when exactly a new measure might be introduced and when a vote could be held remains unclear. Also unclear: whether it would pass a vote.

But the recent progress on taxes and regulation, plus a push to act on legal weed before the Legislature gets bogged down with the state budget and other legislation in the next few months, has nudged negotiations closer to resolution, the sources say.

“Once we get out of the first quarter, we get into budget world,” New Jersey Cannabis Industry Association President Hugh O’Beirne said, referencing the June 30 deadline for the state to enact a budget. “If it’s going to happen, (legalization) has to happen in the next few weeks.”

A senior official in Gov. Phil Murphy’s administration, who spoke on the condition of anonymity because they weren’t authorized to speak publicly on the matter, said the governor and his fellow Democrats who lead the Legislature are nearing a deal on a bill.

“I don’t think we are there yet but darn close,” the source said.

Three other sources familiar with negotiations said it’s possible an agreement could happen by next week, though no timeframe has been set.

One source said Murphy, state Senate President Stephen Sweeney, D-Gloucester, and state Assembly Speaker Craig Coughlin, D-Middlesex, are tentatively set to meet next week to discuss pot and other issues.

As reported last month by NJ Cannabis Insider, Murphy and legislative leaders have been making progress on two of the biggest unresolved issues in the legal weed debate: taxes and regulation. Those talks have reportedly advanced the timeline for resuming the debate in the Legislature.

Still, Sweeney said Friday that no deal is in place.

“That’s news to me,” Sweeney said when asked about a new legalization bill dropping next week. "It’s not out of the question. But I haven’t been given any indications that we have an agreement.”

Kevin McArdle, a spokesman for Coughlin, declined to comment because of ongoing negotiations.

Despite reports that a new tax proposal was floated last month, sources say there is no agreement in place on taxes. Sweeney is still holding firm at a 12 percent tax on marijuana sales, while Murphy has been seeking a tax closer to 25 percent.

But even if lawmakers and the governor can reach a deal on a new bill, there’s no guarantee it would pass. Both houses of the Legislature — the Senate and Assembly — need to approve the measure before Murphy could sign it into law.

“We haven’t even started counting the votes,” Sweeney said.

Other sources have said the same. Many legislators are waiting to see what the new bill looks like before deciding how they’ll vote.

Lawmakers could soon start running short on time, though. Murphy is set to unveil his second state budget proposal next month, and it’s widely thought that if legalization doesn’t happen before budget negotiations begin, it will get pushed later into the year.

“I think the process gets treacherous if we go beyond March,” said Bill Caruso, a marijuana lobbyist who previously worked in the Legislature.

NJ Advance Media staff writers Claude Brodesser-Akner and Justin Zaremba contributed to this report.

Payton Guion may be reached at PGuion@njadvancemedia.com. Follow him on Twitter@PaytonGuion. Find NJ.com on Facebook.

Brent Johnson may be reached at bjohnson@njadvancemedia.com. Follow him on Twitter @johnsb01.

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