New Mexico Bill Would Create Two New Funds for Cannabis Tax Revenues

March 2, 2023 · Ganjapreneur

bill in New Mexico would create two new programs funded by cannabis excise tax revenues, including a community reinvestment grant fund and a substance use disorder prevention and treatment fund, KRQE reports. Currently, all cannabis excise tax revenues are sent into the state’s general fund. 

Under the measure, a third of the taxes collected from adult-use sales would be used for those programs. State Rep. Andrea Romero (D), one of the bill’s sponsors, noted that the current version of the bill does not specify that the money would come from the state’s share of revenues, not cities or counties, and that the changes would be made to the bill in committee before it moves to the floor for a vote.  

New Mexico is currently collecting slightly more than $2.5 million a month from the 12% excise tax on adult-use cannabis sales. 

The measure was tabled in committee but will be considered in the next session.  (Full Story)

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