NJ takes another step towards phasing out medical cannabis sales tax
Recently, the New Jersey Treasury Division of Taxation announced to lower the sales tax on medical marijuana to 4% from 6.625%. This reduction was made effective on July 1. The schedule for the tax rate phaseout is as follows:
- 4% on sales made between July 1, 2020, and June 30, 2021
- 2% on sales made between July 1, 2021, and June 30, 2022
- 0% on sales made on and after July 1, 2022
NJ Gov. Phil Murphy (D) signed the Jake Honig Compassionate Use Medical [Marijuana] Cannabis Act in July 2019 to, “dramatically reform New Jersey’s Medicinal Marijuana Program (MMP) and expand patient access to medical marijuana,” per the governor’s office.
Top marijuana advocacy group pushes petition for legalization before election
NORML, a leading marijuana advocacy group, is circulating a petition demanding that both President Trump and presidential nominee Joe Biden to end marijuana prohibition. “The criminalization of marijuana financially burdens taxpayers, encroaches upon civil liberties, engenders disrespect for the law, impedes legitimate scientific research into the plant’s medicinal properties, and disproportionately impacts communities of color,” NORML Executive Erik Altieri said. “Americans demand a President who recognizes this reality and who will seek to amend federal law in a manner that comports with scientific consensus, public opinion, and the plant’s rapidly evolving cultural status.”
The petition comes on last week’s news from the Biden-Sanders joint task force which stopped short of comprehensive federal legalization.
Tech/cannabis startup Drop Delivery launches equity crowdfunding capital raise
Equifund CFP, an equity crowdfunding platform that delivers vetted, early-stage investment opportunities, is launching a Regulation Crowdfunding offering for Drop Delivery. Drop Delivery is an all-in-one delivery management platform designed to help cannabis retailers safely and compliantly, sell cannabis products, collect digital payments, handle supply chain management, and manage last-mile delivery.
"We are very excited to work with Drop and help them raise capital through a Reg-CF offering," said Jordan Gillissie, Equifund CFP's Founder and CEO. "America is rapidly shifting toward a 'delivery-first' model, and there is tremendous demand for last-mile delivery solutions today, especially in the cannabis industry. We're proud Drop Delivery has chosen to open its doors to early-stage investors with Equifund CFP."
