The 11th State to Legalize Recreational Marijuana Is ... - Sean Williams, The Motley Fool:
December 2, 2018 - "On Monday, Nov. 26, two panels in New Jersey voted overwhelmingly to approve three new cannabis bills -- one of which aims to legalize adult-use marijuana.
"These panels, from the state's Senate and Assembly, voted 7 to 4, with two abstentions in the Senate, and 7 to 3, with one abstention in the Assembly, in favor of the bill that would legalize recreational marijuana within the state. The additional two bills that also passed cover an expansion of the state's existing medical cannabis program and the creation of a system that would speed up criminal expungements of low-level cannabis offenses. Now all three bills move on for an official vote from the full Senate and Assembly. Assuming passage, a recreational marijuana bill could find its way to Gov. Phil Murphy's (D-N.J.) desk within a few weeks....
"As with other legalized states, it would allow adults aged 21 and up to purchase up to 1 ounce of cannabis. There would be an attached tax rate of 12%, which would be considerably lower than the aggregate tax rates that some folks might pay in Washington state or California of up to 37% and 45%, respectively. For what it's worth, Gov. Murphy has suggested that a 12% tax rate is too low. Instead, Murphy has called for an excise tax of 25%....
"Beyond the basics, the broad-based legalization bill also includes a section on the expedited expungement of low-level marijuana offenses. Though a separate bill is being worked on that would tackle this faster and more efficiently, the mere existence of this clause is worth noting. It's also worth pointing out that North Dakota voters turned down a recreational legalization initiative in the recent midterms that had an expungement clause, suggesting that it's no given to attract support.
"Finally, the bill would allow for marijuana delivery services within the state, as well as give permission for dispensaries to create 'consumption areas.' Essentially, New Jersey would permit pot shops within dispensaries where consumers could enjoy their product outside of their homes....
"Though Gov. Murphy has taken exception to the proposed tax rate, he's been very clear in the past about his support for legalizing recreational marijuana as both a revenue driver within the state and a means to reduce cannabis enforcement costs. This, presumably, gives New Jersey a very good chance of becoming the 11th state to legalize recreational pot."
Read more: https://www.fool.com/investing/2018/12/02/the-11th-state-to-legalize-recreational-marijuana.aspx
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December 2, 2018 - "On Monday, Nov. 26, two panels in New Jersey voted overwhelmingly to approve three new cannabis bills -- one of which aims to legalize adult-use marijuana.
"These panels, from the state's Senate and Assembly, voted 7 to 4, with two abstentions in the Senate, and 7 to 3, with one abstention in the Assembly, in favor of the bill that would legalize recreational marijuana within the state. The additional two bills that also passed cover an expansion of the state's existing medical cannabis program and the creation of a system that would speed up criminal expungements of low-level cannabis offenses. Now all three bills move on for an official vote from the full Senate and Assembly. Assuming passage, a recreational marijuana bill could find its way to Gov. Phil Murphy's (D-N.J.) desk within a few weeks....
"As with other legalized states, it would allow adults aged 21 and up to purchase up to 1 ounce of cannabis. There would be an attached tax rate of 12%, which would be considerably lower than the aggregate tax rates that some folks might pay in Washington state or California of up to 37% and 45%, respectively. For what it's worth, Gov. Murphy has suggested that a 12% tax rate is too low. Instead, Murphy has called for an excise tax of 25%....
"Beyond the basics, the broad-based legalization bill also includes a section on the expedited expungement of low-level marijuana offenses. Though a separate bill is being worked on that would tackle this faster and more efficiently, the mere existence of this clause is worth noting. It's also worth pointing out that North Dakota voters turned down a recreational legalization initiative in the recent midterms that had an expungement clause, suggesting that it's no given to attract support.
"Finally, the bill would allow for marijuana delivery services within the state, as well as give permission for dispensaries to create 'consumption areas.' Essentially, New Jersey would permit pot shops within dispensaries where consumers could enjoy their product outside of their homes....
"Though Gov. Murphy has taken exception to the proposed tax rate, he's been very clear in the past about his support for legalizing recreational marijuana as both a revenue driver within the state and a means to reduce cannabis enforcement costs. This, presumably, gives New Jersey a very good chance of becoming the 11th state to legalize recreational pot."
Read more: https://www.fool.com/investing/2018/12/02/the-11th-state-to-legalize-recreational-marijuana.aspx
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