Bill > SB99

This bill removes the incremental increases to the cannabis excise tax in New Mexico. Specifically, it sets the cannabis excise tax rate at a flat 12% on the price paid for cannabis products, rather than the previously scheduled incremental increases from 12% up to 18% by 2030. The bill also clarifies that the cannabis excise tax does not apply to retail sales of medical cannabis products sold to qualified patients or primary caregivers. The effective date of this change is July 1, 2024.