Legislators in New Jersey have finally reached an agreement on bill S21 that sets up the framework for legalization. The bill is set to pass later this month — just in time for when the constitutional amendment takes effect on January 1st.
Key Details of The Bill
The two biggest issues that have held up this bill so far have been disagreements about the number of licenses to be issued, and the social justice initiatives that were largely absent from the bill in the first years it was introduced. According to NJ.com, here’s what legislators agreed on submitting for approval:
- The state can only give out 37 licenses for marijuana growers during the first two years of legal sales. The limit does not apply to microlicenses, which can be given to businesses with 10 or fewer employees.
- 70% of the sales tax revenue, as well as all of the funds raised by a tax on cultivators, to support restorative programs for legal aid, health care, mentoring and more in minority communities disproportionately affected by the drug war.
- Another bill solidifying the tax structures for bill S21 was presented this week as well. This would ensure that the tax money would go towards social justice causes and not the general fund.
Timeline and Action Steps
Senator Scutari has been championing this bill for the state of New Jersey and actively pushing to get regulations in place for sales to begin. The legalization bill will go before the Senate Judiciary Committee on Dec. 14 and for a full vote on Dec. 17, Scutari said.
Get your team together, and contact Canna Business Services to gain help getting the highest level of certainty of getting your New Jersey application approved. Read about our application process, and find success in the cannabis industry by booking our consultation services online.