The New Jersey Cannabis Regulatory Commission will highlight the economic benefits of the state’s growing cannabis industry during the New Jersey League of Municipalities Annual Conference in Atlantic City on Tuesday, Nov. 17.
The session will focus on opportunities for municipalities to generate tax revenue by allowing cannabis businesses to operate within their borders.
Representatives from the commission, the New Jersey Business Action Center and the New Jersey Economic Development Authority will discuss the financial benefits of participating in the regulated cannabis market, including local tax revenue and available state resources.
Municipalities that permit cannabis businesses can impose a local transfer tax of up to 2% on sales. The revenue can be used to support municipal priorities, including public safety, infrastructure improvements and community programs.
The commission is encouraging municipalities to consider the potential revenue as they face rising expenses and increasingly tight budgets.
Municipalities that allow cannabis businesses also retain local control over which types of businesses can operate within their borders and how those businesses are regulated.
The commission maintains a searchable database identifying municipalities that permit adult-use cannabis businesses and the types of licenses allowed in each community.
During the conference, commission officials will also provide updates on cannabis regulations, the industry’s continued growth and developments affecting municipalities.
The commission will demonstrate its Obedio data platform, which allows municipal officials to examine cannabis market data, review local tax revenue and evaluate potential economic opportunities.
The conference session will take place from 10 a.m. to 1 p.m. in Room 312. The commission will also maintain an informational booth throughout the Nov. 17-19 conference.
More information is available at nj.gov/cannabis.
