SANTA FE, N.M. (KRQE) – House Bill 12, which would legalize the use and sale of cannabis in New Mexico, passed the House Friday night in a 39-31 vote. It will now head to the Senate.
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 would impose an 8% excise tax on all cannabis sales.
According to a press release from House Democrats, economic projections indicate that recreational cannabis sales in New Mexico could total as much as $318 million in the first year alone and create over 11,000 new jobs. Estimated tax revenue is projected to be $28.6 million in the first year, stabilizing at $50 million annually.
Read the full bill below: