420 with CNW – New Jersey Could Have the Lowest Weed Taxes According to Voter Measure

420 with CNW – New Jersey Could Have the Lowest Weed Taxes According to Voter Measure

If everything goes according to plan, New Jersey could be the state with the lowest tax rate for legal weed sales. Voters are expected to vote on a marijuana legalization measure that seeks to allow the state to subject a sales tax of 6.625% on legal weed sales. All cities allowing the sale of legal weed would be authorized to impose a maximum of 2% transfer tax which would total up to 8.625%. This would still be the lowest tax imposed on legal marijuana sales in the U.S. According to marijuana analysts, the low taxes would enable legal marijuana to compete with and eventually eradicate the illicit weed market. The period in which New Jersey will be able to start implementing the low rate tax is uncertain. According to the president of the New Jersey Cannabusiness Association, Scott Rudder, voter approval for recreational weed in the 2020 elections could lead to additional details such as Excise taxes. Rudder also said that the ballot question should be detailed so that the voters can make an informed decision. He was of the view that the new regulations would not be implemented until the voters approve the measure, and the tax proposals for…

Excerpt only …
READ MORE BELOW
Source : New feed
Link to original : 420 with CNW – New Jersey Could Have the Lowest Weed Taxes According to Voter Measure
reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.