CANNABIS REGULATION&TAXATION

Creates the Cannabis Regulation and Taxation 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 no more than 8 cannabis plants and possession of the cannabis produced by the plants on the premises where the plants were grown; (3) transferring 30 grams or less of cannabis or up to 6 immature cannabis plants to a person who is 21 years of age or older without remuneration; and (4) assisting another person who is 21 years of age or older in any of these acts. 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. Amends the Unified Code of Corrections. Creates a new regulatory offense classification of offense, which is not to be considered a criminal offense and is fine only for the amount specified in the offense or for which community service may be imposed. Changes various penalties for the possession of more than 30 grams of cannabis and for producing or possessing more than 8 cannabis sativa plants. Amends various other Acts to make conforming changes. Effective immediately.