New Jersey Gov. Signs Bill to Legalize Cannabis
Marijuana Stocks, Finance, & InvestingUncategorized February 23, 2021 MJ Shareholders
After over three months since voters approved the state’s cannabis legalization ballot question, New Jersey Gov. Phil Murphy (D) today signed into law a series of bills that ultimately legalize the adult use of cannabis.
The New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act was only signed after lawmakers, at the governor’s behest, advanced accompanying legislation aimed at clarifying penalties for underage possession.
The legislation will remove criminal penalties for cannabis possession and legalize its use and possession by adults aged 21 and older. The laws also establish a five-member Cannabis Regulatory Commission (CRC) tasked with creating regulations and overseeing the industry’s launch. The application period for cannabis business licenses will open 30 days after the CRC releases its regulations, which are expected this summer.
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