New Mexico Marijuana Tax Revenue 2024

What is the Tax Rate for Marijuana in New Mexico?

Here are the two types of taxes that retail marijuana businesses in New Mexico must collect.

The excise tax for recreational cannabis in New Mexico is structured as follows:

  • 12% of sales until July 1, 2025
  • Gradually rises to 18% beginning July 1, 2030

Source: New Mexico Taxation and Revenue Department