New Mexico Medical Marijuana firms eligible for tax refund after court decision

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New Mexico’s high court declined to listen to an appeal regarding whether medical cannabis producers are subject to the state’s gross receipts tax, meaning Medical marijuana products such as Glo extracts businesses in the state will be competent to claim a special tax holiday.

In February 2020, New Mexico Court of Appeals ruled in favor of an mmj provider seeking a refund of gross receipts taxes, finding that MMJ qualified as a prescription drug under the state’s tax rules such as glo carts.

But the New Mexico Supreme Court subdued its review of the case on Wednesday, days before verbal arguments were set to begin, the Press reported.
In an info release, New Mexico cannabis company Ultra Health producing Glo carts flavors said its expecting $7.4 million refund from the state goverment for gross receipt taxes on mmj.

A 2020 appeal case was filed against the state Taxation and Revenue Department by New Mexico MMJ company Sacred Garden producing Wonka oil, according to a copy of the appeals court’s ruling posted online by Ultra Healthalso a chronic carts produce.

The state revenue department then appealed that decision to the New Mexico Supreme Court.
“We respect the decision and will move forward to issue refunds to the affected taxpayers once the court’s decision is mandated to become final,” a Taxation and Revenue Department spokesperson told the Associated Press.