Bill > SB89

This bill proposes to modify the cannabis excise tax in New Mexico by permanently setting the tax rate at 12% instead of the previously planned incremental increases that would have raised the tax rate annually from 12% to 18% between 2025 and 2030. The bill maintains the existing exemption that the cannabis excise tax does not apply to medical cannabis products sold to qualified patients or primary caregivers who present a valid registry identification card. The changes will take effect on July 1, 2025, which means the current tax structure will remain in place until that date, after which the new fixed 12% rate will be implemented. By removing the scheduled tax rate increases, the bill aims to provide stability and predictability for cannabis retailers and potentially keep cannabis product prices more consistent for consumers.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=89&year=25