New Mexico Just Legalized Cannabis
New Mexico legalizes recreational marijuana, joining a national movement to rethink antidrug laws that are increasingly seen as impediments to racial justice and the economy.
Under the New Mexico law, residents can have up to 2 ounces and 6 plants at home, or up to 12 per household. Sales would begin no later than April 2022 and be taxed at 12%, eventually rising to 18%, plus gross receipts taxes.
New Mexico has 34 licensed nonprofit vertically integrated MMJ operators, with 123 dispensaries in operation statewide, according to the most recent state data.
The state’s MMJ sales, meanwhile, are rising. Fueled by the pandemic and patient growth, sales are on pace to reach around $200 million this year, with MMJ sales totaling $130 million in 2019.
The industry will be regulated by the state and produce an estimated $20 million in revenue for the state in 2023, plus $10 million for local governments, according to a fiscal analysis cited by The Albuquerque Journal.
New Mexico lawmakers approve potential $350 million recreational marijuana market
Katrina Glogowski, Seattle Attorney & Angel Investor
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
Episode 691 of The Talking Hedge:
Your Cannabis Business Podcast.
Covering cannabis products, reviews, business news, interviews, investments, events, and more.
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