Cannabis Legalization Equity Act

Provides that notwithstanding any other provision of law, except as otherwise provided in the Act, the following acts are lawful and shall not be a criminal or civil offense under State law or the law of any political subdivision of this State or be a basis for seizure or forfeiture of assets under State law for persons 21 years of age or older: (1) possessing, consuming, using, displaying, purchasing, or transporting cannabis accessories; (2) possessing, growing, processing, or transporting on one's own premises no more than 24 mature cannabis plants and possession of the cannabis produced by the plants on the premises where the plants were grown; (3) possessing outside one's premises no more than 224 grams of cannabis; and (4) assisting another person who is 21 years of age or older in any of the acts described in items (1) through (3). Provides that an excise tax is imposed at the rate of 10% of the sale price of the sale or transfer of cannabis from a cannabis cultivation facility to a retail cannabis store or cannabis product manufacturing facility. Provides that at least 51% of the licenses issued by the Department of Agriculture for cannabis cultivation facilities and at least 51% of the licenses issued by the Department of Financial and Professional Regulation for retail cannabis stores shall be in communities disproportionately harmed by the war on drugs. Amends various other Acts to make conforming changes. Effective immediately.