The New Jersey Assembly recently introduced a marijuana legalization bill that delivered on legislators’ promise to draw from “best practices” and lessons learned by states that preceded New Jersey in the legalization process. Many features were included in this bill that were not in previous bills, or only in more limited fashion. Here are the highlights of the bill:
- Possession of limited amounts of marijuana for personal use.
- As many as 400 dispensaries across the state (2-10 in each legislative district).
- Transporter licenses capped at 80.
- Up to 15 grower licenses issued in years 1-2, then 25 licenses.
- Home cultivation of up to 6 plants (with a maximum of 3 in bud simultaneously).
- New Jersey residents convicted of marijuana possession to apply to have their records expunged.
It provides for:
- A new state agency to regulate the industry.
- A tax rate of 7% (years 1-2), 10% (years 3-4), 15% (year 5 and beyond).