If everything goes off without a hitch, it could be a boon for marijuana businesses and the state's tax coffers. The proposed bill includes a $42-per-ounce tax on marijuana, and it allows towns to collect a 3% tax from cannabis retailers, a 2% tax from cultivators, and a 1% tax from wholesalers. GreenWave's Karnes estimates New Jersey's medical marijuana sales were just $66 million in 2018, but legalization of recreational use could grow regulated marijuana sales to $750 million next year and to over $930 million in 2022.
New Jersey state Senator Nicholas Scutari (D-N.J.) says the Garden State will welcome New Yorkers with open arms once it legalizes recreational marijuana ー which could happen very soon.
"All the individuals that are within a stone's throw of New Jersey will be able to come over to New Jersey to buy legal product and consume legal product here, and we welcome them to come over and do that," Scutari said.
The New Jersey marijuana legalization bill has gone through numerous changes since it was first introduced nearly two years ago.
But on Tuesday, Gov. Phil Murphy and top legislators announced an agreement on marijuana legalization that includes an amended bill. Now, New Jersey could be on a path toward legal weed as soon as later this month.
Here are the highlights of what's in — and what's been left out of — the bill to legalize marijuana in New Jersey
The Brick Township Council has unanimously voted to ban recreational marijuana in the town.
The council voted just before midnight Tuesday night after town residents on both sides of the issue had a chance to voice their opinion. In the end, the council voted to ban the sale, cultivation, manufacturing and testing of marijuana.
Marijuana has a complicated relationship with the town. The owner of land on Adamston Road where the old Ocean First Bank used to be said that she would give up plans to build a medical marijuana dispensary after opposition from neighbors.
If the deal becomes law, New Jersey would join 10 other states and the District of Columbia with legal adult-use cannabis. It could also attract a flock of visitors from neighboring New York, where lawmakers are considering adult-use legalization but appear increasingly likely to miss a key legislative deadline and be forced to return to the issue next year.
Apparently there’s a deal to legalize cannabis in NJ.
Senate President Steve Sweeney told an audience at Monmouth University that a vote is imminent.
“Our goal is March 25th,” Sweeney said.
If true, NJ would become the second state (after Vermont) to legalize cannabis legislatively. Ten states + DC have ended cannabis prohibition at the ballot box.
In neighboring New Jersey, top lawmakers announced early Tuesday that they have reached a deal on legalization after months of talks and negotiations. The details are expected to be released in the coming days, according to media reports. Gov. Phil Murphy said a vote will be held on March 25 for both houses to approve the bill, paving the way for him to sign it into law.
“Legalizing adult-use marijuana is a monumental step to reducing disparities in our criminal justice system,” Murphy said in a statement.
The Cannabis Regulatory Commission will likely be one of the power centers of state government following a deal between Gov. Phil Murphy and legislative leaders to legalize marijuana in New Jersey.
The commission will issue licenses and regulate the industry in a manner akin to the Casino Control Commission in the late 1970s and early 1980s. The draft version of the bill gives them investigatory authority in the prosecution of violations.
Should New Jersey legislators pass a recreational marijuana bill under Gov. Phil Murphy's legalization plan, new businesses in the cannabis industry will not be able to open shop in Brick.
Shortly after the governor and legislators announced a deal to legalize recreational marijuana use, the Brick Township Council voted unanimously to prohibit sales, manufacturing, cultivation and testing of recreational cannabis throughout the municipality.
Adult-use marijuana will be governed by a Cannabis Regulatory Commission, composed of five members. Three members will be appointed by the Governor, with the Governor’s initial appointments to serve terms of at least four years and not be subject to Senate confirmation. Two other members will be appointed by the Governor, upon the recommendations of the Speaker and Senate President. The Commission will promulgate all regulations to govern the industry and will oversee the applications for licensing of adult-use marijuana dispensaries.