New Mexico Legalizing Weed
Market analysts just published a brand new study about what would happen in New Mexico if the state were to legalize recreational cannabis. And the predictions are amazing. To put it simply, experts predict that the Land of Enchantment stands to make a massive amount of money by legalizing marijuana.
The report was published by Ultra Health and was supported by both the Drug Policy Alliance and the Rio Grande Foundation. It looked at a bunch of different stats and numbers to piece together estimates of what would happen if New Mexico legalized marijuana.
Right now there are somewhere around 27,000 patients with medical cannabis cards in New Mexico. And the new report estimated that at least 138,000 more people use marijuana illegally. Out of those, there are probably 48,000 or so who smoke every day.
All of this adds up to create a pretty big market. So big, in fact, that New Mexico would consume roughly 57.3 metric tons of herb if it became legal. And that equates to some serious financial activity.
The report concluded that if New Mexico legalized cannabis, it would bring in $412.5 million in the very first year of full legalization. By year five, experts think that number would climb to at least $677.7 million. A lot of that money would come from bringing all that black market cash into the legal market. Another big portion would come from out of state tourists.
Marijuana State Of Affairs
So far, there are 25 states plus Washington D.C. that have legalized medical cannabis. And Colorado, Washington, Oregon, and Alaska have legalized recreational marijuana.
So far in New Mexico, only medical marijuana has been legalized. But there’s been talk of trying to make recreational pot legal as well. Along with the new report, nearby Colorado could be an indicator of what’s in store if New Mexico legalizes. Last year, Colorado sold almost $1 billion worth of legal cannabis.
Despite the new report, there is currently no legalization initiative on the table in New Mexico. But things could be changing soon in other parts of the country. Later this fall, voters in Arizona, California, Maine, Massachusetts, and Nevada will decide whether or not to legalize recreational cannabis.