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New Jersey sales tax on medical marijuana was cut to four percent on July 1, down from six percent. This represents the first stage in a three-year plan designed to phase out state taxes on purchases of medicinal cannabis. Fast forward to July 1, 2021 and you may see that the state sales tax will undoubtedly be cut a lot more — to two percent. Then, in 2022, it will be completely gone. Don’t assume that this means marijuana that is medical be totally tax-free, though. Each community is permitted to impose a two percent “transfer tax” on purchases; that said, no municipality has instituted such a tax at the time of yet. Jake Honig Compassionate Use Medical Cannabis Act The sales tax phase-out was a part that is vital of Jake Honig Compassionate Use Medical Cannabis Act. This Act also legalized marijuana that is medical and raised the monthly allowance to three ounces per patient, requiring them to re-certify once annually. The law’s name honors Jake that is seven-year-old Honig Howell who died in 2018. Medical marijuana provided the actual only real relief the boy might get from an brain tumor that is inoperable. Medical Marijuana NJ - Breaking it Down Activists say the policy of instituting a tax on medical marijuana purchases is “criminal,” as OTC and prescription medicines at traditional pharmacies don't have to impose New Jersey sales tax. Significantly more than 77,000 patients are currently registered with all the New Jersey medical marijuana program. However, supply issues as a result of high prices (up to $500 for a ounce that is single of marijuana) have dogged the program right from the start. An ounce of “Green Fire OG,” for instance, is true of $440 per ounce at Curaleaf NJ, a Bellmawr dispensary. Using the sales tax in place prior to July 1, an individual would shell out $29.15 in taxes, for a amount that is total of469.15. Now, that tax paid is reduced to $17.60, for a total of $457.60. Just nine medical marijuana dispensaries are open round the state at the moment. Other pre-approved locations are involved in legal battles and cannot open yet. What’s Next Come November, New Jersey residents will vote on a constitutional amendment legalizing marijuana for recreational purposes. It would also allow recreational dispensaries. Some legislators would like to pass a bill that decriminalizes weed, with an excellent of $25 for possession, prior to that date. We welcome you to browse our website us to learn of more changes in the NJ cannabis industry while they happen! Learn more about NJ Medical Marijuana
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