After strife of several months regarding negotiations over marijuana legalization framework, Senate President Stephen Sweeney and Governor Phil Murphy have reached final framework. This decision to submit the final framework could pass on the bill this month to the legislative assembly for a vote.
As per multiple reports, this compromise centred on an innovative way for taxing the legal weed while strengthening governor’s control over the decisive Cannabis Regulatory Commission. This particular conglomerate shall issue licenses meant for dispensaries along with set parameters and guidelines that would regulate the cannabis industry of New Jersey.
This massive change was an obvious result of Murphy-Sweeney deal which will completely overhaul the marijuana taxation system. Instead of simply going for tax levying on the legal weed, state would opt for imposing the $42 flat rate per ounce.
This particular flat rate comes as a refreshing move given the fact that marijuana users shall pay same tax according to weight. Now, the value for this tax rate might fluctuate with the cannabis price as it goes up or down in the market. The latest version for taxation of Marijuana in New Jersey in the month of November by the legislative committees called for 12 percent tax which has been dubbed to be lowest for the country.