After over a year of negotiation, New Jersey Gov. Phil Murphy (D) and legislative leaders announced an agreement to legalize recreational marijuana use in the Garden State.
The deal would establish a flat tax rate of $42 per ounce, which would stay static no matter how much the price of weed fluctuates. The industry would also be overseen by a new state agency, the New Jersey Cannabis Regulatory Commission, which will handle licensing and investigate violations of state law.
Although the state’s Democratic leadership is on board, it is unclear whether a majority of rank and file lawmakers are as well. Senate President Stephen Sweeney and Assembly Speaker Craig Coughlin say they are looking to hold a vote on the proposal by March 25. If not resolved by then, the process could well get sidelined for several months as lawmakers turn their attention to budget negotiations.
Sweeney has noted in the past he would not put forth a bill unless he was sure the votes where there to pass it. (NJ.COM, ASBURY PARK PRESS, MARIJUANA MOMENT)
Credit: lexisnexis.com
