When Gov. Phil Murphy signed a bill legalizing the recreational use of cannabis in early 2021, it opened the door to a whole new industry that has taken New Jersey by storm. As of mid-September, there were 54 dispensaries for recreational cannabis – compared to less than 20 a year ago. These businesses are spread across 17 of the state’s 21 counties, with about two-thirds selling both medical and recreational products and 13 for medical use only.
Gov. Phil Murphy
New Jersey Gov. Phil Murphy and Attorney General Matthew J. Platkin announced in a press release that $5.5 million in cannabis tax funds will be going toward New Jersey Hospital-Based Violence Intervention Program (NJHVIP).
The money comes directly from the state’s Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Fund. According to state law, cannabis tax funds consist of money that comes from cannabis taxes and fees to fund a variety of community services and programs.
Two New Jersey attorneys are expecting positive growth after Gov. Phil Murphy signed a bill into law Monday that would expand investment in cannabis dispensaries owned by minorities, women or disabled veterans.
Democrat candidate for mayor Ben Giovine said if he is elected mayor of Toms River in November, he will push to overturn a 2021 ban on the sale of legal marijuana in Toms River. The Toms River Township Council voted against allowing weed businesses to operate within the town.
Giovine said the township would benefit from the sale of legal marijuana in the community, pumping the township coffers with more money.
A sea change in the funding of New Jersey cannabis businesses has been approved by New Jersey’s Legislature and is pending on Governor Murphy’s desk awaiting his signature. Duane Morris attorneys assisted in the conception and drafting of this legislation.
The governor of New Jersey has signed a bill into law that will allow licensed marijuana businesses to deduct certain expenses on their state tax returns—a partial remedy as the industry continues to be blocked from making federal deductions under Internal Revenue Service (IRS) code known as 280E.
Gov. Phil Murphy (D) signed off on the legislation from Assemblymember Annette Quijano (D) on Monday, without a formal ceremony. This comes about three months after the legislature approved the measure with amendments.
At the upcoming Monday East Orange City Council meeting, Osagie-Erese has called for residents and other cannabis advocates to challenge what they say could be a backdoor deal hiding in plain sight.
“We have been championing a safe and equitable New Jersey cannabis industry with an intentional focus to build and support our hometown,” Osagie-Erese said in a released statement.
A cannabis advocate known as "NJWeedman" did not have standing to challenge New Jersey's marijuana legalization law, and his claims that the state used it to create "corporate cartels" and exclude people of color from the industry were properly dismissed, according to a Monday opinion from the Third Circuit.
New Jersey cannabis regulators believe there's room to grow when it comes to getting people from economically-disadvantaged areas — especially those previously convicted of marijuana crimes — into the state's brand new legal weed industry.
According to statistics released by the New Jersey Cannabis Regulatory Commission last week, over 72% of all cannabis licenses have gone to diversely-owned businesses, including more than two-thirds of all "annual" licenses."
The governor of New Jersey touted the state’s growing marijuana industry during his State of the State address on Tuesday, emphasizing work that’s being done to ensure that the market is equitable and right the wrongs of the drug war.
While discussing cannabis policy developments, Gov. Phil Murphy (D) also gave a nod to his invited guest, Darrin Chandler Jr., president of the minority-owned marijuana business Premium Genetics.