Todd Johnson, executive director of the New Jersey Cannabis Trade Association, praised the 2025 Social Equity Excise Fee (or SEEF), which was approved by the Cannabis Regulatory Commission on Thursday.
The rate, $2.50, was significantly lower than had been previously discussed.
“The New Jersey Cannabis Trade Association appreciates the CRC’s deliberative and thoughtful approach in setting next year’s rate, and their willingness to listen to the concerns of the thousands of cannabis industry stakeholders and consumers who expressed grave concerns about the ramifications of a drastically increased SEEF,” he said.
Johnson said the trade group is eager to work with the CRC on all issues.
“We are proud to have worked with stakeholders across the industry to gather feedback, recommendations and real stories from operators around the SEEF’s impact on their businesses,” he said. “From outreach to the Governor’s Office and the Legislature to Stakeholder Listening Sessions and direct advocacy with the Commission, the NJCTA is proud to be the voice of the licensed cannabis industry, and in a position to amplify the voices of individual industry participants to ensure concerns are heard loud and clear.”
Johnson said this rate will help the industry. He is hopeful the CRC with take more steps in this direction.
“The NJCTA is hopeful this moderate increase will allow operators to navigate the increased cost of operations without requiring material price impacts for consumers,” he said. Moving forward, we strongly support a change in the SEEF mechanism to ensure that when funds are raised and reinvested in underserved communities, it is done so purposefully and intentionally to achieve the intentions of CREAMMA while allowing the cannabis industry and budding entrepreneurs to thrive.”
