A 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.
“This was always the intent of the cannabis legislation was to reinvest into these programs but now that we have this incredible funding coming into the state as new revenue, we can finally make good on that promise to New Mexicans about what we care about investing in.” — Romero via KRQE
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.
Get daily cannabis business news updates. Subscribe
End