After more than a year of negotiations, Gov. Phil Murphy and legislative leaders have reached a final deal on New Jersey marijuana legalization. A vote to legalize weed in the Garden State could come later this month.

“Legalizing adult-use marijuana is a monumental step to reducing disparities in our criminal justice system,” Murphy said in a statement. “I believe that this legislation will establish an industry that brings fairness and economic opportunity to all of our communities, while promoting public safety by ensuring a safe product and allowing law enforcement to focus their resources on serious crimes.”

In a statement, the officials confirmed that New Jersey would tax legal weed at a flat rate of $42 per ounce, imposed when the cannabis plants are grown and eventually passed onto the consumer.

Local municipalities will be eligible to receive tax revenue from legal weed if they allow marijuana businesses in their town — 3 percent in municipalities with a legal weed dispensary, 2 percent in municipalities with a marijuana cultivation or manufacturing facility and 1 percent in municipalities with a wholesaler. [Read more at Asbury Park Press]