Medical Marijuana Purchases In New Jersey Are Now Tax-Free, Here's Why

Starting July 1purchases of cannabis via New Jersey's Medicinal Cannabis Program are tax-free, as a result of a three-phase process enacted in 2019 when provisions to eliminate the tax were signed by Gov. Phil Murphy.

Now after years of paying higher than average prices for medical cannabis New Jersey MMJ patients can now buy medical cannabis products at a permitted dispensary at cheaper prices, reported New Jersey 101.5.

“Removing state sales tax on medicinal cannabis is consistent with Governor Murphy and the Legislature’s intent to prioritize patients and improve affordability,” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “As the sales tax has been phased out from 4% to 2% and now to 0% patients have been able to spend less on their medicine, further ensuring patients are prioritized over recreational consumers.”

Named after a 7-year-old boy who used cannabis to alleviate cancer symptoms, The Jake Honig Compassionate Use Medical Cannabis Act, applies only to medical cannabis, and it does not affect the sale of recreational marijuana, which kicked off in the Garden State in April.

Initially available in dispensaries run by seven marijuana operators, recreational cannabis was welcomed by New Jerseyans.

The NJ Cannabis Regulatory Commission revealed in May that consumers bought $24 million worth of cannabis in the first month of sales or roughly $5 million a week after a record-breaking first day when $2 million was spent.

Benzinga photo. Source: Image from Pixabay

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsRetail SalesMarketsJeff Brownmedical cannabisNew JerseyPhil MurphyRecreational MarijuanaSales
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on – Prices will increase very soon!