Get Ready For Legal Marijuana In NJ: Reports Say There's A Deal

Gov. Phil Murphy and Senate President Steve Sweeney have reportedly reach an agreement that will pave the way toward marjuana legalization in New Jersey, possibly by the end of the month.

NJ Advance Media, The Asbury Park Press and the New Jersey Globe said the governor and legislative leaders resolved their differences on the major sticking point in negotiations: how to tax marijuana once it's legalized.

Under the agreement, the state would impose a flat tax rate of $42 per ounce of marijuana instead of levying a sales tax on pot, according to an NJ Advance Media report.

The Asbury Park Press says it means marijuana users will pay the same tax rate no matter what: $42 for an ounce, $21 for a half-ounce, $10.50 for a quarter-ounce or $5.25 for an eighth-ounce.

A New Jersey marijuana legalization bill that was advanced by Assembly and Senate commitees in the fall included a 12 percent sales tax.

The Senate Budget and Appropriations Committee vote was 7-4 in favor, while the Assembly Appropriations Committee voted 7-3 to advance the bill. The move was significant because New Jersey had planned a full Legislature vote by Oct. 29, but continued disagreement over the legislation delayed it.

The "Marijuana Legalization Act" would allow users 21 years old and up to possess up to an ounce of pot.

Conflicts over how much marijuana should be taxed – among other issues – have impeded the legislation's progress. Sweeney has said that the tax should be no more than 12 percent.

Read more: NJ Lawmakers Make Big Decision On Marijuana Legalization

Just don't expect pot to be sold in stores right away. The regulatory and licensing process could take another six months after the legislation is passed, health officials say. That schedule could move a lot more quickly if medical marijuana dispensaries are allowed to meet the demand.

Gov. Murphy photo