New Jersey voters legalized recreational marijuana in the November 2020 election. The law allows people in New Jersey over the age of 21 to purchase up to one ounce of marijuana at a time (registered medical marijuana patients may purchase and possess up to 3 ounces of cannabis every 30 days), and allows them to carry it freely. Now, a year after voters agreed to get things moving, the state is starting to give out licenses. That’s good news for cannabis consumers in Jersey, the law there doesn’t allow people to grow their own cannabis plants at home. As of December 15th, 2021, the Cannabis Regulatory Commission (CRC) will be looking over license applications so people can cultivate, manufacture, and test marijuana. The CRC says nearly 500 business accounts for license applications were made within the first 3 hours of applications being accepted. When things do get up and running, the state of New Jersey is expecting to see a $1 billion market. Sales of recreational marijuana will be taxed by the state at 7%, and localities have the option to include their own sales tax of 2% or less. There could also be a social equity excise fee that would apply to marijuana growers whose profits could fluctuate depending on the average retail price of the cannabis they’re growing.
Marie Edinger, Wikileaf, 12/28/2021 08:41:00