New Mexico Poised to Legalize Adult Use Cannabis

On March 31, 2021, legislators in New Mexico achieved an settlement on SB2/HB2, a bill that legalizes grownup use cannabis. The bill now heads to Governor Michelle Lujan Grisham’s desk, in which she is expected to sign it.

Adhering to the conclusion of the frequent legislative session, the New Mexico Home and Senate reconvened for a particular session to finalize the hashish legalization offer at the governor’s request.

New Mexico Governor Michelle Lujan Grisham

The Cannabis Regulation Act (SB2/HB2) decriminalizes possession for older people in excess of 21 and sets up a regulatory framework for licensing, industrial production and sales by April 1, 2022 (a year from now).

Governor Grisham is anticipated to indication the bill, and when she does, will turn into the 17th state to legalize grownup use hashish, pursuing New York that legalized it yesterday.

According to AP Information, the New Mexico invoice gives the governor’s business a whole lot of electric power in licensing the business and “monitoring materials.” That incorporates the electricity to appoint a superintendent of the Regulation and Licensing Department, which is in cost of regulatory oversight in the new market.

The Hashish Regulation Act sets up an excise tax on adult use revenue of 12% that rises to 18% over time, in addition to the “current gross receipts on product sales that selection from 5% to 9%.” The monthly bill also gets rid of taxes on clinical revenue.