According to lawmakers, a deal has been reached to compromise on legislation to enable adult use cannabis in NJ.
The compromise bill allows for 37 licenses for marijuana growers during the first 2 years of legal sales. The license limit does not apply to micro-licenses, which can be granted to businesses with 10 or fewer employees.
Minority Communities – 70% of the sales tax revenue as well as all of the funds raised by a tax on cultivators will be used to support restorative programs for legal aid, health care, mentoring in minority communities.
NJ voters approved a ballot question seeking to amend the state constitution and legalize marijuana on Nov. 3.
Per NJ Biz, legislators reached another deal on that issue earlier last week to pass a bill that will allow people to possess up to 6 oz. of marijuana.
Lawmakers are also expected to move forward with the bill to decriminalize marijuana later in December.
Senators also introduced a new constitutional amendment that could go before voters in 2021. It seeks to solidify the tax structure outlined in Senate Bill 21, ensuring that the money only go to social and racial justice causes, and not the state's general fund.
Given the current legislative calendar, it is likely that the legalization bill will go before the Senate Judiciary Committee on Dec. 14 and for a full vote on Dec. 17, 2020.
Duane Morris attorneys in offices throughout the U.S. have extensive experience with the wide array of issues attendant to legal cannabis business activities, including licensing for cultivation, processing and dispensing; litigation; banking and finance; raising and deploying capital; protecting intellectual property; real estate development; public company representation and SEC filings; land use and zoning; healthcare and research; and taxation.
For more information on this blog post, do not hesitate to contact Brad A. Molotsky or Paul Josephson or any of the other Duane Morris attorneys you regularly engage with.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.