Legalize It

A study released this week concludes that legalizing marijuana in New Mexico would bring an additional $28 million in state revenue each year.

The study, compiled by the personal finance website NerdWallet, also concludes that legalization across the entire country could bring back more than $3 billion in excise and sales taxes each year. NerdWallet, which claims its estimates are conservative, says it compiled the data by finding the number of marijuana smokers in each state through the Substance Abuse and Mental Health Services Administration. It also took into account the size of the marijuana market as determined by Harvard University economist Jeffrey Miron.

Colorado and Washington state remain the only two states where marijuana is allowed to be sold over the counter to recreational users (otherwise known as cannabis enthusiasts or, disparagingly, as potheads). Alaska and Oregon will vote on similar legalization measures this fall. Washington DC residents will also vote on a legalization measure, but it would not give the city the power to tax, sell and regulate marijuana if it passes.

Recently, marijuana has been in the news quite a bit in New Mexico. Last month, the Santa Fe City Council voted to decriminalize possession of one ounce of marijuana or less within city limits. This fall, both Santa Fe County and Bernalillo County voters will get a chance to vote on a non-binding question asking whether or not both counties should support decriminalization.

Still, full-on legalization in New Mexico may not come anytime soon. An Albuquerque Journal poll found that 50 percent of the state's likely voters oppose legalization. When the poll only accounts for registered voters in the state, however, a slight plurality favored legalization.

The pot industry has a political connection here as well, as former Gov. Gary Johnson serves as CEO of Cannabis Sativa, which is planning to sell cannabis-related products.

Santa Fe Reporter