Cannabis means big money, but prepare for some drawbacks (Taos News 10/14/21)
There are a lot of reasons why recreational marijuana should be a net positive for the state, and most people are very familiar with those reasons by now.
Increased tax revenue from another major industry that lessens the state’s dependence on fickle oil and gas is a major plus at the top of that list. Linda Trujillo, superintendent of the New Mexico Regulation and Licensing Department, told the Legislature’s Economic Development and Policy Committee in July that the state’s marijuana industry is expected to produce $50 million in revenue in its first year. In time, she said that number could balloon to as much as $300 million annually for the state. That still doesn't come close to oil and gas, however, which brought in a record $1.25 billion last fiscal year, according to the New Mexico State Land Office.
Legalizing marijuana is also a win for the libertarians among us, who hold personal freedom as a key value. Legalization (in theory) should free up law enforcement agencies to shift their focus and resources to dealing with deadly narcotics, particularly fentanyl, whose death toll has risen sharply during the pandemic.
But there are problems with legalization that the state is also sure to encounter, and that’s not a theory, but a fact based on the experience in other states that went through this door before us, like Colorado. Our northern neighbor became the first state to legalize retail weed in 2012.
See Cannabis means big money, but prepare for some drawbacks (Taos News 10/14/21)