New Mexico cannabis industry hopes for legislative progress

Members of New Mexico's cannabis industry are concerned about the challenges in the rollout of recreational cannabis sales. Issues include the number of dispensary licenses available, high taxes, and the ongoing illegal market. Duke Rodriguez, CEO of Ultra Health, expressed cautious optimism about key legislation making it to Governor Michelle Lujan Grisham's desk before the session ends. Recently, the Senate approved a bill allowing the Regulation and Licensing Department to have police powers aimed at reducing the illegal cannabis market. This measure and another addressing intoxicating hemp are seen as significant. However, uncertainty remains about a proposed bill to eliminate planned increases in cannabis excise taxes. The "cannabis cops" bill would enable the state's cannabis department to employ certified law enforcement agents. These agents would have the authority to seize illegal products and make arrests. This measure received strong support in both the House and Senate. The cannabis industry hopes that these changes will help strengthen legal sales against the underground market. Another bill, aimed at regulating intoxicating hemp products, seeks to ban certain synthetic cannabinoids that have become popular. This legislation passed the House and is pending in the Senate. Leaders in the industry believe it is essential to ensure safety and proper regulation of these products. Additionally, a bill to halt increases in cannabis excise taxes has not yet been heard. If approved, it would maintain the current tax rate instead of increasing it over the next few years. There are mixed feelings about the prospects of this tax relief, with some industry leaders skeptical. As the legislative session nears its end, hopes for significant reforms remain, but many in the industry recognize that time is running out.