The Borough of Glassboro hereby declares its acceptance of N.J.S.A. 24:6I-1 et seq., entitled "Jake Honig Compassionate Use Medical Cannabis Act" (hereinafter referred to as the "Act").
Pursuant to N.J.S.A. 24:6I-10, the Borough of Glassboro hereby adopts this article imposing a transfer tax on any medical cannabis dispensed by any dispensary located within the Borough, including medical cannabis that is furnished by the dispensary to a medical cannabis handler for delivery to a registered qualifying patient or the patient's caregiver.
The Borough of Glassboro hereby establishes a 2% gross rate of a transfer tax of the purchase price of the medical cannabis sold at a licensed medical cannabis alternative treatment centers as defined by the Act located in the Borough and also require medical alternative treatment centers to make an annual prepayment of such 2% sales tax equal to an alternative treatment center's annual (twelve-month period) projected gross revenue (as defined by N.J.S.A. 40A:20-3) of cannabis to be sold at such alternative treatment center.
The Borough and the alternative treatment center will complete a reconciliation of projected annual gross revenue against actual annual gross revenue (as defined by N.J.S.A. 40A:20-3), at which time the actual amount due pursuant to the above will be deducted from initial prepayment made by an alternative treatment center. The remainder of prepayment (to the extent such remainder exists) will be used to cover future taxes owed by an alternative treatment center pursuant to this section.
The Borough and the alternative treatment center shall enter into any sales and use tax agreements as may be required by New Jersey law.