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Business Report: J&J vaccine sales, cannabis banking bill, NJ budget process, teacher shortage | Video – NJ Spotlight

Even with Johnson & Johnson’s COVID-19 vaccine on pause, the shot has made a ton of money for the company. On Tuesday, Johnson & Johnson reported $100 million in first-quarter sales of its COVID-19 vaccine. The disclosure was made in its quarterly earnings report, which also showed the New Brunswick-based company’s revenue and earnings beat expectations. Johnson & Johnson said that it is working to restore confidence in its vaccine.

Congress is addressing a big barrier to the growth of New Jersey’s marijuana businesses. The House has passed legislation that would allow banks to provide services to cannabis companies in states where recreational marijuana is legal. Banks have avoided doing business with cannabis companies over fear they could violate federal laws, forcing cannabis companies to scramble for financial options. This bill, which calls for new regulations, is supported by the American Bankers Association. It heads next to the Senate.

As budget hearings continue in the Legislature, one Trenton think tank suggests a different approach to the annual budget process as a way to improve transparency. A new report by New Jersey Policy Perspective advocates moving toward multiyear revenue and spending projections. New Jersey Policy Perspective is also calling for a stronger rainy day fund, saying had that been in place, it could have prevented the state from borrowing more than $4 billion.

New Jersey is facing a teacher shortage, according to one state lawmaker who’s come up with a plan to address that. The chair of the State Senate Education committee, Sen. Teresa Ruiz (D-Essex), has proposed a bill that would allow retired teachers to return to the classroom. The legislation would allow them to return to work without having to re-enroll in the pension system during the public health crisis.

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