At the end of the regular legislative session, the New Mexico House of Representatives and Senate met in special session to finalize an agreement on cannabis legalization at the Governor’s request.
Governor of New Mexico Michelle Lujan Grisham
The Cannabis Regulation Act (SB2/HB2) decriminalizes possession by adults over 21 years of age and establishes the regulatory framework for licensing, commercial production and sale by 1. April 2022 (one year from now).
Governor Grisham is expected to sign the bill, and if she does, she will become the 17th governor of the United States. State to legalize cannabis for adult use, following New York, which legalized it yesterday.
According to AP News, the New Mexico bill gives the governor a lot of power to grant industry licenses and oversee procurement. This includes the power to appoint a regulatory and licensing supervisor who will be responsible for regulatory oversight of the new market.
The Cannabis Regulation Act imposes a 12% excise tax on sales to adult consumers, which will increase to 18% over time, on top of the current gross sales revenue, which varies between 5% and 9%. The bill also eliminates the sales tax on medical products.
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