A pair of New Jersey lawmakers filed legislation yesterday that would establish a commission to monitor medical marijuana prices, with the authority to establish temporary price caps if they deem it necessary.
Assembly Bill 4263 was filed by State Assemblymembers Michael Venezia (D) and Garnet Hall (D), and it’s been assigned to the Assembly Oversight, Reform and Federal Relations Committee
According to its official summary, this bill “requires the Cannabis Regulatory Commission to adopt certain regulations regarding medicinal cannabis prices.”
First, the commission “is to monitor the prices of all medical cannabis, medical cannabis products, and related supplies and paraphernalia sold or dispensed by medical cannabis cultivators, medical cannabis manufacturers, medical cannabis dispensaries, and clinical registrants.”
Additionally, the commission is to:
establish a process by which it would implement a six-month price cap on any medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant, if the commission determined that the prices of such an entity are unreasonable and inconsistent with the actual costs incurred by the medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant in connection with cultivating, acquiring and selling, transferring, or dispensing the medical cannabis or medical cannabis product and related supplies and paraphernalia. Under this process, the commission is permitted to amend the price cap over the six-month period and to implement as many price caps on a medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant as determined necessary, with no price cap to exceed a six-month period.
For the full text of AB 4263, click here.
