How is Cannabis Taxed in NJ?
As cannabis legalization progresses through New Jersey’s courts, marijuana is now available for non-medical purchase. Recreational dispensaries are few and far between, and as of June 2022, there are about a dozen licensed locations eligible to purchase legal cannabis from throughout the state1. With these updates, you may be wondering, how is cannabis taxed in NJ?
Medical and recreational marijuana is now available to be purchased by New Jersey residents, even without a medical card as long as you are 21 years of age or older. This includes residents from out-of-state. According to NJ’s Cannabis Regulatory Commission, tax for both medical and recreational cannabis is 6.625% plus a social equity excise fee of 1/3 of 1%.
Where Can You Legally Purchase Recreational Weed in New Jersey?
New Jersey has over a dozen dispensaries. Although that list is set to grow, many small businesses find it difficult to receive a license. The following are established dispensaries that can be found across the garden state.
Located in North Jersey:
- Apothecarium – 1865 Springfield, Avenue, Maplewood
- Apothecarium – 55 South Main Street, Phillipsburg
- Ascend Wellness – 174 Route 17 North, Rochelle Park
- RISE – 26-48 Bloomfield Avenue, Bloomfield
- RISE – 196 3rd Avenue, #3C, Paterson
Located in Central Jersey:
- Zen Leaf – 117 Sprint Street, Elizabeth
- Zen Leaf- 3256 Brunswick Pike, Lawrence Township
Located in South Jersey:
- The Botanist – 100 Century Drive, Egg Harbor Township
- The Botanist – 2090 N Blackhorse Pike, Williamstown
- The Cannabist/Columbia Care – 1692 Clements Bridge Road, Deptford
- The Cannabist/Columbia Care – 1062 North Delsea Drive, Vineland
- Curaleaf – 640 Creek Road, Bellmawr
- Curaleaf – 4237 US-130 South, Edgewater Park
State law prohibits buying more than one ounce per purchase. The listed dispensaries are focused on selling legal cannabis for consumption in a safe environment.
Where are NJ Marijuana Taxes Going?
The New Jersey Regulatory Cannabis Commission has been ruminating over this for quite some time. Did you know? Back in November 2020 and following voter approval, lawmakers legalized recreational cannabis and decreed 70% of revenue raised from the recreational market should go to “social equity investments” in “impact zones,” meaning socially and economically disadvantaged communities that have been most harmed by the failed war on drugs. As we enter the stages of selling legally and the 6.625% tax plus a social equity excise fee of 1/3 of 1% is implemented, there is still plenty of debate as to where this money should be allocated2.
Work with Herban Creative
If you’re passionate about promoting your cannabis products, contact Herban Creative. We can help you navigate these exciting times of legalization and take advantage of this growing market. Reach out to our team and let’s build your business a new brand strategy.
