Jun 29, 2020
On July 1, New Jersey is slated to reduce the sales tax on medical marijuana from 6.625% to 4%. This move is the first in a series of measures that will see state sales taxes removed entirely within a space of three years. On July 1 next year, the tax will reduce to 2% and the following year (July 1, 2022) will see the reduction to a 0% state sales tax.
However, the sales tax reforms which roll out tomorrow don’t mean that buyers of medical marijuana will not pay any taxes on their purchases. Municipalities within New Jersey are still allowed to impose a 2% sales tax within their jurisdictions, but so far…
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Do you have questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.