New Jersey Gov. Phil Murphy (D) wants to hike a special tax on cannabis from $2.50 to $15 an ounce to fund social service and violence intervention programs with tens of millions of dollars in new revenue.
“In just five years, cannabis has gone from destroying lives—in the form of excessive criminal sentences—to helping save lives,” Murphy said in his budget address Tuesday.
Murphy’s plan comes about two months after the state Cannabis Regulatory Commission hiked the tax from $1.24 to $2.50 an ounce in December.
The tax, known as the social equity excise fee, is paid by cannabis cultivators. The money goes to a dedicated fund for social equity programs and investing in communities hurt by marijuana prohibition, and another portion is allocated to programs to divert youth from cannabis.
As of August 2024, the tax has brought in more than $6 million, which is all sitting unspent, according to the cannabis agency. That money must be allocated by the Legislature and governor under the state’s cannabis legalization law.
Hellbound and Down 