Mgrutman / shutterstock The Latest on Taxation of New Jersey Cannabis
Multistate operators must remain current on updates to the IRS tax code, as well as state and municipal taxes applicable to their cannabis businesses.
August 03, 2022 at 11:43 AM
6 minute read
The New Jersey sales tax on medicinal cannabis sales was eliminated, effective July 1, 2022, reducing the ultimate costs for patients enrolled in the New Jersey Medicinal Cannabis Program (NJMCP). Meanwhile, the sales tax on retail purchases of recreational cannabis will remain at 6.625%. This article discusses the current state of taxation on both medicinal and recreational cannabis, along with the additional municipal nuances related to recreational cannabis.
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