It has been Governor Murphy’s mission since he took office – legalize marijuana like beer and reap the benefits of the tax revenue. It’s a scheme that has been implemented and is working in several other states, including Colorado and California. Yet, when it comes to New Jersey, nobody seems to agree on how marijuana taxes should add up. Murphy says it’s “complicated” because the state has to create “an entire industry from scratch.” It’s a situation that is getting closer to being resolved. He told reporters this week that feels “optimistic” that the deal will get done soon.
But it might not be embraced by cannabis consumers.
The agreement would tax marijuana purchases by weight — $42 per ounce — instead of setting a percentage. This is apparently the middle line between a proposed 12 percent tax and Governor Murphy’s idea of somewhere closer to 25 percent. This shakes out to be around 14 percent for a $300 ounce or a 21 percent tax on a $200 ounce.
“Weight by volume is probably the way to the future in terms of how cannabis is going to be taxed,” Senator Nicholas Scutari told the New York Times.