New Jersey is poised to legalize adult-use marijuana within weeks, after Gov. Phil Murphy and state legislative leaders reportedly reached a tentative agreement on how to regulate and tax the program.
Murphy and state Senate President Steve Sweeney, both Democrats, had been deadlocked on a tax rate, with Murphy favoring a high retail sales rate.
The agreement reportedly calls for a sales tax based on weight or quantity, such as per ounce of marijuana sold.
“We’re extraordinarily excited,” Scott Rudder, president of the New Jersey CannaBusiness Association, told Marijuana Business Daily on Monday.
“The principles of the agreement are in place; the next steps are to put it in writing and make sure everyone agrees.”