City officials have collected their first medical marijuana tax payment — a check for $50,514 — from the cannabis dispensary operates on Route 20 in Paterson.
The check, which was issued last month, covered the 2% transfer tax on medical marijuana sales at the business for November and December, officials said.
The revenue exceeded city officials’ projections that Paterson would get about $10,000 per month in taxes from the cannabis business. Instead the taxes amounted to about $25,000 per month.
The RISE Paterson dispensary recorded $2.89 million in gross sales for November and December, with net sales of $2.5 million, according to public records. In a financial report submitted to the city as part of the tax process, RISE said it made almost $1.2 million in gross profit.
Paterson Economic Development Director Michael Powell noted that Gov. Phil Murphy approved six new medical marijuana dispensary licenses in 2019.
“There was more pent up demand than supply for medical cannabis,” Powell said.