Oct
30
2024
NJ Cannabis Regulators Punt Social Equity Tax Decision with Commission Split
In an October meeting, the five-member Cannabis Regulatory Commission was divided on how to approach a proposed tax increase to the Social Equity Excise Fee (SEEF) on cannabis. The tax, paid by cannabis cultivators, goes towards communities impacted by the war on drugs.
William J. Caruso spoke on the consequences of increasing the SEEF in a POLITICOPRO article. Bill said the tax hike would “decimate the racial and social equity” efforts built by the commission. Instead suggesting “If you want to raise money for the SEEF, go back to the Legislature and tell them to tax hemp the same way that they’re taxing cannabis.” Bill urged the commission to make intoxicating unregulated hemp subject to the tax saying, “Those folks want to be on store shelves, and they should be paying the SEEF too.”
Social justice groups have argued for the maximum allowable SEEF to be increased to $30 an ounce but the increase has received pushback from the state senate.
To read the complete article, click here.
