Paterson begins collecting taxes on medical marijuana sales from Route 20 dispensary – NorthJersey.com
Joe Malinconico, Paterson Press Published 3:51 a.m. ET March 9, 2021
Mike Davis and Jessie Gomez discuss the new marijuana laws in NJ with Municipal Prosecutor J.H. Barr and Executive Director of the ACLU-NJ Amol Sinha. NorthJersey.com
PATERSON — City officials have collected their first medical marijuana tax payment — a check for $50,514 — from the cannabis dispensary operates on Route 20 in Paterson.
The check, which was issued last month, covered the 2% transfer tax on medical marijuana sales at the business for November and December, officials said.
The revenue exceeded city officials’ projections that Paterson would get about $10,000 per month in taxes from the cannabis business. Instead the taxes amounted to about $25,000 per month.
The RISE Paterson dispensary recorded $2.89 million in gross sales for November and December, with net sales of $2.5 million, according to public records. In a financial report submitted to the city as part of the tax process, RISE said it made almost $1.2 million in gross profit.
Medical cannabis on display at the Harmony Dispensary in Secaucus on Monday, June 18, 2018. (Photo: Chris Monroe/Special to