Credit: Brandon Crawford / Shutterstock.com Cannabis Business Deductions Permitted at the New Jersey State Level
Even though New Jersey has legalized the regulated sale, recreational use and possession of cannabis for adults 21 years and older by way of the Cannabis Regulatory Enforcement Assistance and Marketplace Modernization Act (CREAAMA), cannabis businesses do not receive the same tax benefits afforded to any other business in the state.
May 30, 2023 at 10:00 AM
3 minute read
On May 8, 2023, Gov. Phil Murphy signed a bill (A3946/S340) into law that permits business deductions for cannabis businesses at the New Jersey state level only. This is a big deal for those engaged in the New Jersey cannabis industry—but why?
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