On March 31, 2021, legislators in New Mexico reached an settlement on SB2/HB2, a invoice that legalizes grownup use cannabis. The invoice now heads to Governor Michelle Lujan Grisham’s desk, the place she is anticipated to signal it.
Following the conclusion of the common legislative session, the New Mexico Home and Senate reconvened for a particular session to finalize the cannabis legalization deal on the governor’s request.
The Hashish Regulation Act (SB2/HB2) decriminalizes possession for adults over 21 and units up a regulatory framework for licensing, industrial manufacturing and gross sales by April 1, 2022 (a 12 months from now).
Governor Grisham is anticipated to signal the invoice, and when she does, will develop into the 17th state to legalize grownup use cannabis, following New York that legalized it yesterday.
In line with AP Information, the New Mexico invoice offers the governor’s workplace numerous energy in licensing the trade and “monitoring provides.” That features the facility to nominate a superintendent of the Regulation and Licensing Division, which is in command of regulatory oversight within the new market.
The Hashish Regulation Act units up an excise tax on grownup use gross sales of 12% that rises to 18% over time, along with the “present gross receipts on gross sales that vary from 5% to 9%.” The invoice additionally removes taxes on medical gross sales.
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