New Jersey has enacted legislation that phases out the state sales tax on medical cannabis dispensed by a medical cannabis dispensary or clinical registrant over a period of three years. Medical cannabis is currently subject to New Jersey state sales tax. The sales tax rate on medical cannabis dispensed by a medical cannabis dispensary or clinical registrant will be reduced to the following rates:
The bill also authorizes any municipality in which a medical cannabis dispensary or clinical registrant is located to assess a transfer tax of up to 2% on the purchase price of medical cannabis dispensed by the dispensary or clinical registrant. (Ch. 153 (A.B. 20), Laws 2019)