LINE? STELLA: THAT’S RIGHT, SHELLY AND DOUG. SOME SAY THIS GIVES THESE LICENSE HOLDERS AN ADVANTAGE OVER THOSE TRYING TO GET INTO THE INDUSTRY. I SPOKE WITH THE COO OF THIS MEDICAL DISPENSARY BEHIND ME WHO SAYS OTHERWISE [SINGING] KALYN: — STELLA: HOUSE FLOOR MAJORITY LEADER SINGING CELEBRATING HOUSE BILL 12 PASSING. HOUSE BILL 12 WOULD LEGALIZE CANNABIS USE FOR THOSE 21 OR OLDER. IN ITS CURRENT FORM, THE BILL WOULD ISSUE RECREATIONAL MARIJUANA SELLERS LICENSES TO THOSE ALREADY IN THE MEDICAL MARIJUANA INDUSTRY. SOME WORRY IT ALLOWS THOSE ALREADY ESTABLISHED TO GET AN UNFAIR HEAD START AND DOMINATE THE CANNABIS INDUSTRY. >> FROM THE TIME WE GOT OUR LICENSE TO THE TIME WE WERE SELLING CANNABIS IN OUR STORES WAS ABOUT 18 MONTHS. STELLA: BUT TRISHELLE KIRK WITH EVEREST APOTHECARY SAYS GROWING A CANNABIS BUSINESS DOESN’ HAPPEN QUICKLY BECAUSE MEDICAL MARIJUANA DISPENSARIES HAVE ALREADY PASSED THE REGULATORY HURDLES, IT MAKES SENSE TO GIVE THEM LICENSE TO SELL RECREATIONALLY. >> WHEN ADULT USE PASSES, WHICH WILL HOPEFULLY BE THIS YEAR, THERE’S GOING TO BE AN OPPORTUNITY FOR OTHER PEOPLE TO GET INTO THE INDUSTRY AND I THINK THAT’S EXTREMELY EXCITING. STELLA: THE CURRENT FORM OF THE BILL WOULD ADD AN 8% EXCISE TAX ON RECREATIONAL CANNABIS SALES. CITIES AND COUNTIES CAN ALSO ADD ANOTHER 4% IN LOCAL TAXES. DEMOCRATS BELIEVE ADULT-USE CANNABIS WILL BENEFIT THE STATE. >> LEGAL CANNABIS IS GOING TO CREATE ANOTHER REVENUE STREAM FOR OUR STATE AND IT’S A PLAN YOU’VE ALREADY SEEN SUCCESSFUL IN OUR NEIGHBORING STATES OF COLORADO. STELLA: MEANWHILE, SOME REPUBLICANS THINK LEGALIZING MARIJUANA WILL CREATE MORE PROBLEMS. >> IF YOU TALK TO THE PEOPLE UP IN RATON, AND THOSE TOWNS ON THE NORTHERN BORDER, THEY GET TO SEE VERY CLOSE THE PROBLEMS OF LEGALIZING DRUGS. STELLA: THE BILL NOW HEADS TO THE SENATE. IF THIS BILL BECOMES LAW, THEN RECREATIONAL MARIJUANA SALES CAN START IN JANUARY. REPORTING LIVE IN. — IN ALBUQUERQUE, STELLA SUN, KOAT ACTION 7 NEWS. DOUG: A RECREATIONAL MARIJU
Recreational marijuana bill passes the House
The bill will now head to the Senate for consideration
Updated: 10:39 PM MST Feb 26, 2021
Legislation establishing the legal and regulated use and sale of cannabis in New Mexico passed the House Friday evening with a 39-31 vote. It will now be heard in the Senate. HB 12: The Cannabis Regulation Act legalizes and regulates the use, production, and sale of cannabis and cannabis products for adults 21 years and older. The bill implements a responsible, tightly regulated system imposing an 8% excise tax on all cannabis sales and establishes guidelines for licensure that prioritize diversity and equal opportunity. Democrats sponsoring the bill stated, “We have the opportunity to establish this new industry with frameworks that prioritize equity, diversity, and public safety. It’s time to move forward with it.”Economic projections indicate that recreational cannabis sales in New Mexico could total as much as $318 million in the first year alone, creating over 11,000 new jobs. Estimated tax revenue is projected to be $28.6 million in the first year, stabilizing at $50 million annually.
SANTA FE, N.M. —
Legislation establishing the legal and regulated use and sale of cannabis in New Mexico passed the House Friday evening with a 39-31 vote. It will now be heard in the Senate.
HB 12: The Cannabis Regulation Act legalizes and regulates the use, production, and sale of cannabis and cannabis products for adults 21 years and older. The bill implements a responsible, tightly regulated system imposing an 8% excise tax on all cannabis sales and establishes guidelines for licensure that prioritize diversity and equal opportunity.
Democrats sponsoring the bill stated, “We have the opportunity to establish this new industry with frameworks that prioritize equity, diversity, and public safety. It’s time to move forward with it.”
Economic projections indicate that recreational cannabis sales in New Mexico could total as much as $318 million in the first year alone, creating over 11,000 new jobs. Estimated tax revenue is projected to be $28.6 million in the first year, stabilizing at $50 million annually.