US (NM): MMJ producers seek tax refund worth millions

A major business in New Mexico's burgeoning market for cannabis wants the state to refund millions of dollars in taxes that were levied in recent years on sales of medical cannabis but not against most prescription medications.

Integrated cannabis provider Ultra Health said Tuesday that it has asked the state Supreme Court for the opportunity to provide arguments in a legal dispute between another medical cannabis company and the state Taxation and Revenue Department.

New Mexico lawmakers and cannabis regulators made clear this year that a limited personal supply of medical cannabis will be available tax-free starting June 29. The provision is part of legislation signed in April by Gov. Michelle Lujan Grisham to legalize recreational cannabis sales by April 2022 and waive taxes on medical cannabis this year.

“We are very glad the New Mexico Legislature had taken the initiative to include that clause for the deduction,” said Marissa Novel, chief marketing officer at Ultra Health. “What's still up for debate is years' worth of (past) medical cannabis activity.”

Read more at ncadvertiser.com.


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