US|New Mexico Committee Gets Head Start On Marijuana Legalization For 2020 Session

New Mexico Committee Gets Head Start On Marijuana Legalization For 2020 Session

New Mexico lawmakers discussed the potential economic impact of legalizing marijuana in the state during a committee hearing on Wednesday. The meeting of the legislature’s interim Economic and Rural Development Committee, which featured testimony from the chair of a governor-appointed cannabis working group, focused on issues such as a tax scheme for legal marijuana sales and the allocation of resulting revenue. While Pat Davis, the working group chair, touted the economic potential of the industry, he also recognized that “getting a business in marijuana is expensive—it costs about half a million to $1 million to open.” Given that, he said it was important to use revenue from cannabis sales to start a venture capital fund that could provide low-interest loans to disadvantaged communities to launch marijuana operations. The committee convened one month after the Cannabis Working Group, formed by Gov. Michelle Lujan Grisham (D), released recommendations for a legal marijuana market. The governor aims to have a reform plan in place for the short 30-day legislative session starting in January 2020, meaning that New Mexico is positioned to potentially become the next state in the U.S. to legalize. The working group’s report said New Mexico would gain 11,000 jobs and…

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Source : MJ moment
Link to original : New Mexico Committee Gets Head Start On Marijuana Legalization For 2020 Session
reposted by Cannabis News World

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