Will Atlantic City, as well as other NJ towns, support marijuana sales? This is not a slam dunk for Gov. Murphy.
As for Atlantic City, elected leadership wants to make sure it get’s a nice piece of the action.
Will Atlantic City truly benefit from cannabis sales and cultivation?
Legalizing adult use of recreational cannabis.
- Retailers would collect 3 % tax
- Growers would collect 2% tax
- Wholesalers would collect 1% tax
City Council of Atlantic City wants weed tax to stay in AC, primarily for property-tax relief. Atlantic City taxpayers are wary. The city has already lost control of much needed luxury taxes that include hotel room and parking fees. That’s about $90 million each year being sucked out of the city.
In Summer 2018, AC got snookered again with the sports betting tax. And yes, while Atlantic City got hosed, the infamous CRDA, Casino Reinvestment Development Authority, jumped the line and took a nice share for themselves. The CRDA always gets to wet it’s beak.
Adding insult to injury, NJ towns with horse racing tracks and sports betting, enjoy a nice piece of that tax revenue.
The proposed legal pot bill allows for municipalities to impose an additional tax on top of the $42 per ounce, as detailed in the legislation.
Council President Marty Small says he said that while he is personally against legalizing marijuana. But, he’ll change his mind for the right price.