New Jersey Recreational Cannabis
**Update: Our New Jersey Cannabis Consultants are happy to report that New Jersey legalized adult-use cannabis in November 2020. Reach out today to learn how our cannabis application writers can help you win a cannabis license in New Jersey**
For updated information about the application and licensing process, check out our article about cannabis licenses in New Jersey.
A New Jersey recreational cannabis market may be on the way sooner than later. The state will be voting on an adult-use program in 2020. Polling data suggests that the ballot measure will be approved. This means that companies are getting ready for the market, and now is the time to get a head start. Our New Jersey cannabis consultants at Quantum 9 are here to give you a brief overview of this future market.
New Jersey Recreational Marijuana Rules
A recreational program in New Jersey allows individuals over the age of 21 to possess and use marijuana. This is titled New Jersey Public Question 1. This would make New Jersey the first state in the Mid-Atlantic to legalize recreational marijuana. Our New Jersey cannabis consultants are experts when it comes to laws and regulations. We’re prepared to ensure your operation remains compliant at any given moment.
Marijuana Tax – New Jersey Cannabis Consultant’s Perspective
If the amendment passes, the state would apply a 6.625 percent tax to all New Jersey recreational cannabis sales. Any additional state tax, for example, is prohibited. Also, towns and cities in New Jersey can collect a tax on cannabis of up to 2 percent.
In addition, most voters in New Jersey want minorities to have fair and equal access to business opportunities.
Legalization can boost the economy of New Jersey. Thus, recreational cannabis in New Jersey will also create new jobs for a lot of people. This is especially important because of the current COVID-19 environment. Now, is the time for states to legalize cannabis in order to help the workforce. If interested in cannabis careers make sure to contact a cannabis consultant for more information.
How Likely is Legalization?
The supporters of this bill are optimistic about the vote. Also, more the three-fifths of voters support recreational cannabis in New Jersey. In addition, Gov. Phil Murphy said legalizing cannabis is “an incredibly smart thing to do.”
All in all, the initiative is promising and we can expect to see legal cannabis in New Jersey. With that, make sure to contact our cannabis consultants at Quantum 9 for more information on how to enter this market.
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