2 min read
New Mexico Moves Quickly On Setting Up Cannabis Market
The state of New Mexico is moving quickly in setting up its adult-use cannabis market, as regulators from the Regulation and Licensing Department have set up a website to provide information about the state’s impending cannabis policy.
Although Gov. Michelle Lujan Grishman isn’t set to sign the Cannabis Regulation Act (HB 2) into law until June 29, 2021 and retail sales aren’t to start until April 2022, the website will give New Mexicans an opportunity to understand details such as timelines for implementation, fees associated with licensing, and “important terms” that define components of legalization legislation.
Governor Calls Legalization a “Significant Victory”
Gov. Grishman has been an outspoken advocate of cannabis reform since taking office. “This is a significant victory for New Mexico,” she said, after pledging to sign the bill into law shortly after legislative staffers properly format it and pass it on to her desk.
Grishman believes that the legalization of marijuana for recreational use in the state will contribute to boosting the state’s economy at a critical time following the coronavirus pandemic. She noted that people will have the ability to build careers in the new industry, that entrepreneurs will benefit from the opportunity to create lucrative new enterprises, that state and local governments will benefit from the tax revenue, and that consumers will be safer in using the substance.
Details of the New Mexico Cannabis Regulation Act
Under the new legalization bill, the following regulations will be in place:
- Adults 21 and older can purchase and possess two ounces of cannabis, 800 milligrams of infused edibles, and 16 grams of concentrates — all of which will be tested by licensed laboratories for potency.
- Adults can cultivate up to six plants at how for personal use, provided that they are out of public sight and secured from children. The maximum number of plants-per-household will be set at 12.
- There is no limit on the number of business licenses granted or number of facilities that licensees could open.
- Cannabis purchases will include a 12 percent excise tax as well as an 8% sales tax. Medical marijuana products will be exempt from taxation.