Cannabis is now legal in the great State of New Jersey
On February 22, 2021, New Jersey Governor Phil Murphy signed into law a bill legalizing the recreational use of cannabis for adults over the age of 21. With the passing of this law, New Jersey became the 14th state in the United States to legalize recreational cannabis.
The law allows for the possession of up to six ounces of cannabis, and the cultivation of up to six plants for personal use. It also establishes a regulatory framework for the licensing and taxation of cannabis businesses, including dispensaries, cultivators, and manufacturers.
This is a significant step forward for the state of New Jersey, which has been considering legalizing cannabis for several years. In 2019, Governor Murphy signed a law expanding the state's medical cannabis program, and he has been a vocal proponent of legalization for adult use.
The legalization of cannabis in New Jersey is expected to have a significant impact on the state's economy. The law includes provisions for a 6.625% sales tax on cannabis products, with additional taxes possible at the municipal level. The state estimates that the legalization of cannabis could generate $126 million in tax revenue in its first year, and create thousands of new jobs.
In addition to the economic benefits, the legalization of cannabis in New Jersey is also expected to have a significant impact on social justice. The law includes provisions for expungement of certain cannabis-related convictions, and sets aside a portion of tax revenue for programs to support communities disproportionately affected by the war on drugs.
However, the legalization of cannabis in New Jersey is not without its challenges. Some concerns have been raised about the potential impact on public health and safety, particularly with regards to impaired driving. There are also concerns about the potential for an increase in drug use among minors.
Overall, the legalization of cannabis in New Jersey is a significant step forward for the state, and a reflection of changing attitudes towards cannabis across the country. While there are still many questions and concerns that will need to be addressed as the law is implemented, it is clear that this is a positive development for New Jersey and its residents.
Cannabis legalization has created many challenges. Because of this, operating a cannabis business is extremely difficult, and not having the know how can really affect your bottom line. Vende POS is made to help its clients run the business within the States guidlines. Providing you with all the necessary tools for your business to succeed is our goal. Schedule a demo with us today and see how running your business on the Vende platform can help.