Pub. 16 2019 Issue 3

14 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S MARIJUANA LEGALIZATION: A LOCAL UPDATE AND OPINION By Mark Anderson, NMBA legislative assistant W hat if someone told you your state, which of - ten ranks near the bottom of most economic indicators, has a chance to generate millions of dollars in revenue by legalizing a sub - stance that is legal in 11 other states? What if you were told that a neighboring state is receiving the hard- earned money of many people in your state due to this form of prohibition? And, then, what if you were told that the state Legislature was unable to pass legislation last year that would allow this revenue to be generated, thus leaving New Mexico again missing a giant economic opportunity? This scenario seems ridiculous, somewhat like the premise for an episode of The Twilight Zone, where what is logical doesn’t occur with any regularity. Well, Rod Serling would find inspiration in New Mexico because that is what currently faces the state in regards to the legalization of recreational marijuana. There were two competing legalization proposals during the 2019 New Mexico Legislature. The first was HB 356, sponsored by House Democrats, which would have legalized recreational cannabis use for adults 21 and over. Under this bill, the state would be responsible for licensing retailers; a 17 % tax on sales would be levied (bringing in an estimated $78 million in annual revenue by FY22), and cities and counties would be allowed to