12th State to Legalize Cannabis Tax Plan

Which state wants to the 12th state to legalize? New Mexico

How did the proposal for legalization come to fruition? A stakeholder group formed by the Governor

What is the tax revenue proposal for legalized cannabis?

• An average tax rate of 17%

What other requirements would be implemented?

• testing and labeling requirements
• state-level licensing
• Revenue would fund the state’s medical cannabis program
• Local governments will determine where cannabis dispensaries are located

Pitfalls legislation in New Mexico looks to avoid?

• Over taxation that drove growth in the blackmarket
• In cases of shortage, medical patients get preference for purchasing

Albuquerque Journal | Legal cannabis push gets road map