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New Jersey Cannabis Accounting and Tax Compliance Procedures

6 pages for the Accounting SOP and 4 pages for the Tax Compliance SOP. 

Based on the requirements outlined in the CRC regulations published in August, 2021:

§ 17:30-13.4 TAX STAMP AND TRACKING (page 132)

The CRC also calls for information on how you will comply with IRS 280E and an Accounting SOP, although they do not include any regulatory guidance on what should be included. We have included industry best practices in the SOP we’ve written.

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$497.00

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From the recently published CRC Regulations:

§ 17:30-13.4 TAX STAMP AND TRACKING

(a) Every cannabis item shall contain a unique stamp or tag, as prescribed by the Commission, that at a minimum:

1. Verifies the cannabis item was cultivated, manufactured, and sold by licensed cannabis businesses; i. The Commission shall utilize the unique stamp or tag to provide the license numbers where the cannabis item was cultivated, manufactured, and sold to consumers who purchase cannabis items.

2. Tracks the batch(es) and lot(s) with the which the cannabis item is associated; and

3. Allows the Commission to track compliance with sales tax, municipal transfer tax, and social equity excise fees. (b) Cannabis businesses shall be responsible for paying any fees, as determined by the Commission, for the unique stamp or tag required by this subchapter. (c) Until such time as the Commission designates a tax stamp pursuant to this subchapter, the Commission may authorize cannabis items to be sold without tax stamps.

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New Jersey Cannabis License