New York and New Mexico Legalize Recreational CannabisApril 6, 2021
On the same day last week that governor Andrew Cuomo signed New York’s recreational cannabis legalization bill into law, the New Mexico legislature successfully voted on a similar measure. The vote was the result of a special session called by governor Michelle Lujan Grisham for the issue alone. The bill now awaits her signature.
“This is a significant victory for New Mexico,” Lujan Grisham said. “Workers will benefit from the opportunity to build careers in this new economy. Entrepreneurs will benefit from the opportunity to create lucrative new enterprises. The state and local governments will benefit from the additional revenue. Consumers will benefit from the standardization and regulation that comes with a bona fide industry.”
Under New Mexico’s law, people will be permitted to possess up to two ounces of cannabis in public and grow six plants at home (or twelve per household with multiple adults). Sales will begin no later than April 2022, with an initial tax rate of 12% that will eventually rise to 18%.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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