Beginning at midnight on April 1st, 2022, any person in New Mexico over the age of 21 will legally be allowed to buy up to 2 ounces of marijuana from dispensaries across the state. People are also allowed to have six of their own cannabis plants for personal consumption (up to 12 per household). Smoking cannabis in public can get you a $50 fine, and possession of more than the legal limit can earn you just under a year in jail; possession of extreme quantities is still a felony. The product will be taxed at 12% until July 1, 2025. That excise tax increases by one percent each year until it maxes out at 18% on July 01, 2030. Medical marijuana patients aren’t subject to that tax. There are also gross tax receipts from 5.125% to 8.8125% depending on location. A third of the tax revenue will go to the municipality where the product was sold; another third goes to the county where that sale was made. Sales of recreational cannabis are expected to bring in $318 million in the first year alone, with an expected $20 million or more in sales tax revenue for New Mexico’s General Fund. That’s expected to surpass $45 million a year after three years or so.
Marie Edinger, Wikileaf, 03/30/2022 07:30:00