New Mexico legislators warned not to overtax adult-use cannabis

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An economics professor told New Mexico legislators that if the state legalizes recreational marijuana, it should not tax adult-use cannabis so much that consumers pivot to the illicit market or lower-priced products in Colorado.

Democratic Gov. Michelle Lujan Grisham is proposing limiting state and local taxes on recreational marijuana to about 17% and licensing producers for as little as $500 a month, plus additional per-plant fees.

– Associated Press