us-nm/stat
NMSA 1978, § 7-42-3 — Cannabis excise tax
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.
Source: official text