New Jersey Recreational Cannabis
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 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 as New Jersey Public Question 1. This would make New Jersey the first state in the Mid-Atlantic to legalize recreational marijuana.
New Jersey Marijuana Tax
If the amendment passes, the state would apply a 6.625 percent tax to all New Jersey recreational cannabis sales. Any additional state tax 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 the business opportunity.
Legalization can boost the economy for New Jersey. 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.