New Jersey takes big step toward legalizing recreational pot

TRENTON, N.J. — New Jersey Gov. Phil Murphy and legislative leaders say they've agreed on legislation to legalize recreational marijuana for adults.

The Democrats announced the agreement in a statement Tuesday after more than a year of negotiations, mostly behind closed doors.

It's unclear whether there are enough votes in the Democrat-controlled Legislature to pass the bill, but the agreement marks the first time leaders have laid out the details of the plan.

The deal calls for a $42 per ounce tax and entitles towns to collect tax revenue, as well. Municipalities with cannabis retailers could collect 3 percent tax, those with cultivators will collect 2 percent and those with wholesalers would get 1 percent.

The measure calls for a five-member regulatory commission.

Ten states and the District of Columbia have legalized recreational marijuana.