How Much Does Medical Marijuana Cost in New Mexico?

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How Much Does Medical Marijuana Cost in New Mexico?

The price of medical marijuana in New Mexico depends on a number of factors including dispensary location and the type of product purchased. Two other key factors determining medical cannabis prices at dispensaries are the quality and strain of cannabis used in the listed products. On average, eligible patients should expect to pay $284 for 1 ounce of high quality marijuana at New Mexico dispensaries. The same amount of medium quality marijuana costs $228 on average.

Can You Use a Credit Card at a Dispensary in New Mexico?

No. With marijuana still classified as a Schedule I controlled substance at the federal level, banks and credit cards are quick to decline marijuana-related transactions. Patients and caregivers shopping at New Mexico dispensaries can pay for their orders with cash. Some locations also accept debit cards and select mobile payment apps.

Does New Mexico Tax Medical Marijuana Sales?

Yes. New Mexico levies a gross receipt tax (GRT) on medical cannabis sales. The state, however, does not charge excise tax on the sale of medical marijuana. GRT varies from one county to another in New Mexico but usually ranges between 5.125% and 8.868%.

Does Recreational Marijuana Cost More Than Medical Marijuana in New Mexico?

There are two taxes levied on recreational cannabis sales in New Mexico. These include the GRT as well as excise tax. Excise tax rate in the state is 12% until July 1, 2025. It will gradually rise to 18% of sales on July 1, 2030. With recreational marijuana attracting higher total tax than medical marijuana, it is likely to cost more at dispensaries in New Mexico.

How to Save Money on the Cost of Medical Marijuana in New Mexico

New Mexico does not have any state-run compassionate program offering lower medical cannabis prices for certain groups of patients such as the indigent, veterans, and seniors. However, the state allows adults, aged 21 or older, to cultivate marijuana at home for personal use. New Mexico allows these adults to grow up to six mature cannabis plants and six seedlings in enclosed, private spaces. Households with more than one qualified adult may cultivate up to 12 mature plants.

Besides growing their own cannabis supply, patients and caregivers can save on the cost of medical cannabis by shopping during dispensary sales and discount events. They may also buy their cannabis supplies in larger quantities, up to the maximum allowed amounts in the state, in order to save with bulk purchases.