NEW MEXICO (KRQE) – Medical cannabis pharmacies and patients no longer have to pay gross receipts on sales. As of Tuesday June 29, income from the sale of medical cannabis is deductible.
New Mexicans will be able to legally own and grow marijuana starting Tuesday
Following the passage of House Bill 2 during the special session, the New Mexico Regulation & Licensing Department reports that revenue from the sale of medical cannabis will be deductible from gross receipts starting Tuesday. In a press release, the department stated that medical cannabis dispensaries should no longer have to pay gross receipts for these sales and should not pass gross income taxes on to their customers for the sale of medical cannabis.
In addition, the sale of medical cannabis is also not subject to the new cannabis excise tax. NMRLD states that since medical cannabis sales began, patients have been paying gross income taxes on the purchase of medical cannabis, but this has been changed by special session legislation to assist patients if the state is on the sale of cannabis for recreational use by adults transforms.
However, if adult cannabis sales start in 2022, they will be taxed at 12% and increased to a maximum of 18% each year.