Steve Boracchia is an Atlantic Highlands council member, attorney, and former chief compliance officer of Dionymed Brands, a public cannabis company based in Northern California and Oregon. He shares his insights and expectations for New Jersey when S2703, a bill to legalize the adult-use of marijuana, is enacted.
Using Colorado retail cannabis sales data and Colorado population data, the OLS calculated the per person annual expenditure on retail cannabis to be approximately $194.61. If New Jersey experiences similar sales of recreational cannabis as Colorado, total retail cannabis sales for New Jersey could be approximately $1.753 billion. Applying the sales tax (6.625 percent) and new tax (5.375 percent) yields aggregate revenues of approximately $210.3 million annually.”
SYNOPSIS
“New Jersey Cannabis Regulatory and Expungement Aid Modernization Act”; legalizes personal use cannabis for adults; creates Cannabis Regulatory Commission to regulate personal use and medical cannabis; provides expungement relief for certain past marijuana offenses.
CURRENT VERSION OF TEXT
As reported by the Senate Budget and Appropriations Committee on November 26, 2018, with amendments.
As soon as the ink dries on the New Jersey Cannabis Regulatory and Expungement Aid Modernization Act (S2703/A4497), it becomes a local issue – that was the message from the League of Municipalities to its members and stake holders.
Michael Cerra, assistant executive director and director of government affairs, provided a breakdown of the bill and its impact on municipalities during a 45-minute webinar Friday.
The key issues are tax rates, law enforcement issues and the costs of expungements.
There’s still plenty of wrangling going on, but the big picture is that legislation has been passed out of committee in both legislative chambers that would legalize recreational marijuana use (i.e., the possession of one ounce or less) by those age 21 or older. The law would also regulate and license those wishing to sell marijuana, and implement a sales tax of 12 percent on purchases. These measures will improve people’s lives, although they are not especially unique given that New Jersey would become the 11th state (along with the District of Columbia) to take them.
The next stop for S2703 is a full floor vote in both the Senate and the Assembly. And if it passes, it will head to the desk of Gov. Murphy for signing. Murphy, who voters elected on a progressive campaign that included a massive medical cannabis program expansion and the promise of adult-use legalization, has so far wavered on his support for this particular bill.
Here’s the roll call of votes for the three cannabis related bills that were approved in the Senate and Assembly committees Nov. 26.
S2703/A4497: The New Jersey Cannabis Regulatory and Expungement Aid Modernization Act which legalizes personal use cannabis for adults; creates the Cannabis Regulatory Commission to regulate personal use and medical cannabis; and provides expungement relief for certain past marijuana offenses.
Here is the text to the three cannabis related bills that passed through Senate and Assembly committees on Nov. 26 as well as the accompanying statements.
The three bills are still being worked on before they are put to a vote before the full Senate and Assembly.
The bills need 21 votes in the Senate and 41 in the Assembly to pass.
A bill legalizing marijuana for recreational use won committee approval by wide margins in both houses of New Jersey's legislature this week. The bill, S2703 in the state Senate and A4497 in the state Assembly, would allow adults 21 or older to possess up to an ounce of marijuana, create a system to license and regulate commercial suppliers, and impose a special 12 percent sales tax on cannabis.
Who can smoke pot legally under the proposed legislation?
Senate Bill 2703 would make recreational cannabis legal for adults 21 years and older. It would prohibit adults from buying and giving pot to anyone under the legal age, including children with medical conditions. Those patients would need permits under the state’s medicinal program.