The New Mexico Taxation and Revenue Department says that a number of non-compliant cannabis retailers have straightened out their tax problems since the agency put them on alert this summer.
According to a news release from the department, some weed retailers failed to file one or more tax returns with the state government and were notified about the issue over the summer. Tax and Revenue said it works with the state Regulation and Licensing Department to determine which companies are in compliance.
Cannabis businesses are required by law to file gross receipts tax and cannabis excise tax returns, whether they have made any sales or not.
Since the notification effort began, the tax department reports that 80 retailers have come into compliance. However, the state says, over 100 licensees have still not complied.
“Cannabis is a relatively new industry with many new players who may be struggling to get their businesses up and running,” said Tax and Revenue Secretary Stephanie Schardin Clarke in a statement. “We are here to assist taxpayers to voluntarily comply with the tax law, but cannabis retailers must also make a good faith effort to comply.”
NM Has Some of the Cheapest Medical Weed
According to a new study, New Mexico has some of the cheapest medical marijuana in the U.S.
The study, funded by medical marijuana company Leafwell, analyzed over 130,000 products on dispensary menus across the country looking for the cheapest average price-per-gram of medicinal marijuana.
According to the review, the state with the cheapest medical cannabis was Oregon at $6.91 per gram, on average. Maine and Colorado followed with $8.06 and $8.19 per gram, respectively.
New Mexico was rated ninth in the U.S. with an average price of $11.32 per gram.
The study found that the average price per gram for the whole country is $13.90 per gram.
“These findings highlight the accessibility and affordability of medicinal marijuana in multiple regions, demonstrating a positive trend that benefits patients in their pursuit of holistic healthcare solutions,” said Leafwell Chief Marketing Officer Josh Lamb in a statement.
NM’s Top Regulator Retires
Another New Mexico weed regulator has stepped down. Regulation and Licensing Superintendent Linda Trujillo announced on Oct. 25 that she retired from her position.
“After 25-plus years of public service I’m embarking on a new journey: retirement,” said Trujillo in a news release. “I will forever be grateful for the opportunity that Gov. Lujan Grisham gave me to serve the state I love and the thousands of friends I’ve made throughout this journey.”
Trujillo has served as superintendent since 2020, a year before adult-use cannabis was legalized in New Mexico. She has also played a major role in overseeing the formation of the department’s Cannabis Control Division.
The cannabis division only recently appointed its new head, Director Todd Stevens after going through a number of leaders since its formation in 2021.