EDITOR’S NOTE: Entrepreneurs everywhere are eyeing the billion-dollar legal weed industry, an economic opportunity unrivaled in modern N.J. history. NJ Cannabis Insider features exclusive weekly content geared toward those interested in the marijuana industry. View a sample issue.

Wednesday marks the beginning of May, which means there’s only a month to go if state leaders want to realize their latest hope of passing a bill to legalize recreational marijuana in New Jersey before the full frenzy of state budget season rolls around.

So what are the chances a vote will happen over the next 31 days? State Senate President Stephen Sweeney, New Jersey’s highest-ranking state lawmaker, pegs it at “50/50.”

“We’re trying,” Sweeney, D-Gloucester, told NJ Advance Media on Tuesday. “This is an area where the governor and I and the speaker are giving our best effort on it.”

Sweeney added that he, Gov. Phil Murphy, state Assembly Speaker Craig Coughlin, D-Middlesex, and other leaders are currently “working on some language changes” to make the measure “more palatable” to lawmakers on the fence. He wouldn’t expound on the details.

One of the biggest issues facing marijuana legalization is a companion bill that would expunge the record of people in New Jersey who had been convicted of possessing up to 5 pounds of pot. Some lawmakers think that amount is too high. But changing it might cause other lawmakers to balk.

Sources say leaders are trying to solve that problem.

Murphy, Sweeney, and Coughlin — all Democrats — have spent months trying to gather enough votes in the Democratic-controlled state Legislature to pass the bill, which would legalize recreational pot for those 21 and older in New Jersey.

But they’ve faced pushback from lawmakers in both major political parties. A planned vote on the bill was canceled last month when it became clear it didn’t have enough votes to pass.

Leaders began eyeing a May vote instead — though no vote has been scheduled yet.

If the vote doesn’t happen by the end of May, Sweeney has said, it’s likely another one wouldn’t be scheduled until after November’s elections. And if that fails, the issue may be put on the November 2020 ballot for the state’s voters to decide.

Nearly all of the 10 states that have so far legalized weed in America have done so via voter referendum. Only Vermont has accomplished it legislatively.

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

Have a tip? Tell us. nj.com/tips

Get the latest updates right in your inbox. Subscribe to NJ.com’s newsletters.

Are you interested in the N.J. cannabis industry? Subscribe here for exclusive insider information from NJ Cannabis Insider.