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

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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 NorthJersey.com)

Paterson Economic Development Director Michael Powell noted that Gov. Phil Murphy approved six new medical marijuana dispensary licenses in 2019.

“There was more pent up demand than supply for medical cannabis,” Powell said.

Powell also said he thinks the business’ location, on Route 20, near Route 80, has contributed to its sales.

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