The bill proposes legalization for any adult 21 and older with possession of up to one ounce and would impose a 12 percent tax on the industry statewide. Towns that host cannabis businesses would also absorb an extra 2 percent excise tax, according to NJ.com.
Legislators have been confident Murphy will sign on to a legalization bill, as the movement helped propel him into office in January. But NJ.com reported the governor has reportedly asked for a 25 percent tax rate, while the current bill only calls for 12.