New Business Alert: Recreational Cannabis Sales to Begin in 2022 for New Mexico
In recent years, many states across the country have liberalized their cannabis laws. It is important to note that while individual states have changed their laws, cannabis remains federally illegal. On April 12, 2021, New Mexico joined the movement when Governor Michelle Lujan Grisham the Cannabis Regulation Act. This act did not immediately legalize recreational marijuana in the state. Instead, it sets the state on a path to legalized recreational marijuana as well as a market for it.
The Cannabis Regulation Act begins changing enacted laws on June 29, 2021 when marijuana possession becomes legal and new limits are implemented for the home growing of marijuana. Prior to June 29, non-medical marijuana possession is illegal, but decriminalized, in New Mexico. This means offenders can face fines but no criminal record unless the amount of marijuana possessed exceeds the amount New Mexico deems appropriate for personal use. Starting June 29, possession of small amounts of marijuana will be fully legal with no penalties.
The Cannabis Regulation act requires that by September 1, 2021, the state establish the Cannabis Regulatory Advisory Committee. This committee will be responsible for overseeing the beginning of the recreational marijuana industry in the state. The committee will handle licensing of distributors no later than January 1, 2022. Lastly, legal marijuana sales will begin on or before April 1, 2022.
Thinking of starting a business in recreational cannabis? Reach out to L4SB today for consultation.