Senate Bill 2703, better known as the “New Jersey Cannabis Regulatory and Expungement Aid Modernization Act”, would legalize the possession and personal use of an ounce or less of marijuana by adults 21 years of age and older. It would also create a regulatory system and impose a 12 percent commercial tax and an additional 2 percent excise tax for towns hosting cannabis businesses.
Along with legalizing and regulating the possession, consumption and sale of cannabis, the bill also provides a framework for an “expedited expungement” process for those who have cannabis-related arrests or convictions (up to an ounce of cannabis). A separate bill includes more details for this process, however S2703 would require the Administrative Office of the Courts to create an electronic filing system for the expedited expungements.
Like several other states, this new law would create a five-member panel to be known as the Cannabis Regulatory Commission – to be appointed by the governor and legislature – who would oversee the entire industry. While they would be affiliated with the Department of Treasury, they would be an independent entity charged with regulating the new legal industry.