New Jersey Gov. Phil Murphy and legislative leaders formally announced Tuesday they’ve agreed on legislation to legalize recreational marijuana that would call for a $42-per-ounce tax on the product.
The governor and two fellow Democrats, Assembly Speaker Craig Coughlin and Senate President Steve Sweeney, announced in a statement the agreement had been reached after more than a year of negotiations, mostly behind closed doors.
How much to tax the adult-use industry had held up the end of the negotiations.
It’s unclear whether enough votes exist in the Democrat-controlled Legislature to pass the bill. Sweeney has said he would need Murphy’s help to get enough votes in the Senate for legalization.
The Assembly is expecting a committee vote on the deal on March 18. A floor vote is possible March 25.
Here were some other details announced Tuesday:
- Municipalities with cannabis retailers would collect a 3% tax, those with cultivators would get 2% and those with wholesalers would take in 1%.
- The measure calls for a five-member regulatory commission, with the governor appointing three members. The other two would be picked on the advice of the Senate president and Assembly speaker.
- Provisions would encourage minority- and women-owned businesses.
– Associated Press and Marijuana Business Daily