GGBXF - 420 with CNW - Why NJ Medical Cannabis is Slated to Get a Lot Cheaper
On July 1, New Jersey is slated to reduce the sales tax on medical marijuana from 6.625% to 4%. This move is the first in a series of measures that will see state sales taxes removed entirely within a space of three years. On July 1 next year, the tax will reduce to 2% and the following year (July 1, 2022) will see the reduction to a 0% state sales tax.
However, the sales tax reforms which roll out tomorrow don’t mean that buyers of medical marijuana will not pay any taxes on their purchases. Municipalities within New Jersey are still allowed to impose a 2% sales tax within their jurisdictions, but so far, no town has...
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