On Monday, Nov. 26, two panels in New Jersey voted overwhelmingly to approve three new cannabis bills -- one of which aims to legalize adult-use marijuana.
These panels, from the state's Senate and Assembly, voted 7 to 4, with two abstentions in the Senate, and 7 to 3, with one abstention in the Assembly, in favor of the bill that would legalize recreational marijuana within the state. The additional two bills that also passed cover an expansion of the state's existing medical cannabis program and the creation of a system that would speed up criminal expungements of low-level cannabis offenses. Now all three bills move on for an official vote from the full Senate and Assembly. Assuming passage, a recreational marijuana bill could find its way to Gov. Phil Murphy's (D-N.J.) desk within a few weeks.
What might recreational legalization look like in the Garden State? As with other legalized states, it would allow adults aged 21 and up to purchase up to 1 ounce of cannabis. There would be an attached tax rate of 12%, which would be considerably lower than the aggregate tax rates that some folks might pay in Washington state or California of up to 37% and 45%, respectively. For what it's worth, Gov. Murphy has suggested that a 12% tax rate is too low. Instead, Murphy has called for an excise tax of 25% on legal weed sales for what could be an $850 million industry within the state by 2022.