Connect with us

Legal & Regulation

New Mexico Raises Potential for Marijuana Legalization in 2020, Talks Economic Impact

Dr Kristie Leong

Published

on

Study-Reveals-the-Terms-Marijuana-For-Cannabis-Will-Not-Boost-Legalization-Support

Speculation is brewing as to whether New Mexico will be the next state to legalize marijuana. Last month, a proposal was presented for legal marijuana sales throughout the state. The tax dollars from the sales would be used to subsidize medical pot purchases for low-income patients, while also providing funds for police forces and loans for cannabis businesses.

Governor Michelle Lujan Grisham was appointed by a panel. She published a recommendation for legalization. Further, the proposal may also prohibit local governments from banning the sale of marijuana; however, restrictions and businesses and locations would be permitted.

The state taxes medical marijuana on average at 7%, but if legalized, it would become tax-free. Low-income patients would also be able to afford the substance due to subsidies set aside.

According to a report by Marijuana Moment, the state’s lawmakers are discussing how legalizing marijuana will have an economic impact on the state. The interim Economic and Rural Development Committee of the legislature conducted the meeting. During the meeting, the chair of a governor-appointed cannabis working group testified and discussed the industry’s economic potential.

Governor Lujan’s panel issued a report, which estimated that within five years of implementation, 11,000 jobs would be generated at $620 million annual within the five year period. Further, the combined tax revenue for adult-use and medical marijuana sales would reach $100,00, per estimates.

Kristie Leong M.D. is a family physician with a strong interest in nutrition and fitness and the role each places in wellness and longevity. Dr. Leong graduated in 1990 from Virginia Commonwealth University School of Medicine with a medical degree and master’s degree in clinical pathology. After 20 years of caring for patients in a family practice setting, Dr. Leong redirected her energy towards exploring the role nutrition and lifestyle play in lifespan and, more importantly, health span, the number of years we spend disease free and healthy enough to enjoy life. Through continuing medical education courses, seminars, and other self-study, she delved into the critical role diet and lifestyle choices play in health, especially as we age.

Continue Reading
Ultimate CBD Guide
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ultimate-cbd-products-company-guidepopular-cbd-health-benefits best-cannabidiol-guide-resources hemp guide

CBD News Updates

TimesofCBD is the most active daily CBD news publication featuring the latest cannabis industry stories and marijuana market trends. As the leader in CBD-centric content curation, we invite all readers to come for the headlines and stay for the insights. Quality is the top priority when presenting user guides, analyzing product reviews and reporting fact-checked news announcements. All information is for educational purposes only.

Got news? Email contact@timesofcbd.com