New Jersey Gov. Phil Murphy is proposing a significant tax hike on the state’s $1 billion adult-use marijuana industry and a new, even bigger tariff on intoxicating hemp products.
Murphy’s budget includes a fivefold increase in a per-ounce cannabis tax to $15 per ounce as well as a new $30 per-ounce fee on intoxicating hemp goods, the New Jersey Monitor reported.
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The new marijuana and hemp fees are part of a broad package of items Murphy is proposing to tax – or tax more – in order to raise $1.2 billion in revenue, according to NJ.com.
Under Murphy’s proposal, the two taxes “are expected to generate an additional $70 million in revenue.”
That would be a major increase from the state’s current cannabis-tax
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