Adult-use cannabis legalized in New Mexico

"The legalization of adult-use cannabis paves the way for the creation of a new economic driver in our state with the promise of creating thousands of good paying jobs for years to come," said Gov. Lujan Grisham. "We are going to increase consumer safety by creating a bona fide industry. We're going to start righting past wrongs of this country's failed war on drugs. And we're going to break new ground in an industry that may well transform New Mexico's economic future for the better."

The sales of adult-use recreational cannabis could amount to $318 million in the first year, creating over several years what could be more than 11,000 new jobs, according to Dr. Kelly O'Donnell, independent economist and public finance expert. Preliminary estimates are that the excise tax will raise at least $20 million for the general fund in the first full fiscal year, with significant growth in subsequent years. Local governments will also benefit from the added revenue.

The governor's signature today launches an administrative process that will culminate in the launch of commercial sales for adults no later than April 1, 2022. The issuance of licenses to conduct commercial cannabis activity will begin no later than Jan. 1, 2022.

Gross receipts tax and local taxes apply to the value of the adult-use purchase.

"This is the right model for New Mexico because it creates a local, sustainable and regulated industry while at the same time protecting what's near and dear to all us, including public health, road safety and the well-being of our youth," said Superintendent Linda M. Trujillo of the state Regulation and Licensing Department, which will oversee and manage the new industry.

New Mexico becomes the latest state in the U.S. to legalize adult-use cannabis, and is only the fifth state to enact it through its state Legislature.

Protecting public safety, health, consumers and N.M. youth

The legislation creates a Public Health Advisory Board to monitor cannabis use and data pertaining to the health effects of legalizing cannabis. In addition, the Department of Health is required to provide annual reports, including information on youth access, driving and road safety, workplace safety, consumer and product safety and emergency room visits involving cannabis.

The legislation was sponsored by Rep. Javier Martinez, Rep. Andrea Romero, Rep. Debbie Armstrong, Sen. Linda Lopez and Sen. Katy Duhigg.

Expungement of convictions

Surrounded by legislative sponsors and advocates outside the state Capitol, Gov. Lujan Grisham, who has advocated for legalization since taking office, signed legislation that will authorize the expungement old low-level cannabis convictions from the record of what is expected to be tens of thousands of New Mexicans and make possible the potential early release of low-level convicted cannabis offenders who are currently incarcerated.

This important social justice measure was sponsored by Sen. Lopez, Sen. Duhigg, Rep. Martinez, Rep. Romero and Sen. Jerry Ortiz y Pino.

Source and Photo Courtesy of Cannabis Product News

Source: Cannabis Product News