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A New Mexico Law Would Establish Two New Cannabis Tax Funds

A New Mexico Law Would Establish Two New Cannabis Tax Funds

The legislature in New Mexico is making strides to support its citizens by creating two new programs that would be funded by the tax revenue from cannabis sales. One-third of this money would go to the Community Reinvestment Grant Fund and the Substance Use Disorder Prevention and Treatment Fund, according to a report by KRQE. These programs would help communities get back on their feet, treat people with substance use disorders, and try to stop them from happening in the first place.


At present, all proceeds from the excise tax on cannabis are being directed into the state’s general fund. Under this proposed measure, an estimated $2.5 million each month has been set aside for these programs, which were put on hold for further review but are expected to go to the floor for a vote during the next session, according to a report by Ganjapreneur.

State Rep. Andrea Romero (D) is among those spearheading this effort which could have huge implications for those living in New Mexico who need support most. This measure is encouraging progress and opportunity across communities throughout the state.

The 12% excise tax on adult-use cannabis sales brings in a little more than $2.5 million a month for New Mexico.

The committee put the measure on hold, but it will be looked at at the next session.

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