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Testimony gathered this week during three public hearings by the state Cannabis Regulatory Commission will help determine how officials will invest social equity fees raised from legal weed sales.
Advocates offered plenty of suggestions for the money, from buying baby bonds for low-income newborns and funding Black maternal health care centers to supporting reentry services for people leaving prison and creating a fund to help people harmed by the war on drugs.
The Cannabis Regulatory Commission is hoping to achieve that by using the social equity excise fees the state puts on cannabis sold by the ounce, which up to now has been based on medical sales. Starting next year, the fees will be based on sales of recreational marijuana and will be about $1.52 per ounce.
Registration & Licensing
To operate a cannabis business in New Jersey a company must first register with the New Jersey Division of Revenue and Enterprise Services (DORES) 15 business days before conducting business.
The cannabis business must then apply for a license with the New Jersey Cannabis Regulatory Commission (CRC). Both medical and recreational cannabis businesses must be licensed by the CRC.