A. An excise tax is imposed on a cannabis retailer that sells cannabis products in this state. The tax imposed by this section may be referred to as the "cannabis excise tax".
B. The rate of the cannabis excise tax shall be at the following rates and shall be applied to the price paid for a cannabis product:
(1) prior to July 1, 2025, twelve percent;
(2) beginning July 1, 2025 and prior to July 1, 2026, thirteen percent;
(3) beginning July 1, 2026 and prior to July 1, 2027, fourteen percent;
(4) beginning July 1, 2027 and prior to July 1, 2028, fifteen percent;
(5) beginning July 1, 2028 and prior to July 1, 2029, sixteen percent;
(6) beginning July 1, 2029 and prior to July 1, 2030, seventeen percent; and
(7) beginning July 1, 2030, eighteen percent.
C. The cannabis excise tax shall not apply to retail sales of medical cannabis products sold to a qualified patient or a primary caregiver who presents a registry identification card issued pursuant to the Lynn and Erin Compassionate Use Act [Chapter 26, Article 2B NMSA 1978] or a reciprocal participant who presents similar proof from another state, the District of Columbia or a territory or commonwealth of the United States at the time of the sale.
History: Laws 2021 (1st S.S.), ch. 4, § 45.
Effective dates. — Laws 2021 (1st S.S.), ch. 4 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 29, 2021, 90 days after adjournment of the legislature.