Pub. 12 2015 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S 12 Marijuana: The Colorado Experience and More By Mark Anderson, Legislative Assistant, NMBA Medical marijuana is legal in 23 states and Washington D.C. Also, four states have legalized marijuana for recreational use. It is an issue that affects both the political and financial sectors in profound ways, as well as being an issue that is extraordinari- ly divisive socially. New Mexico enacted medical marijuana legislation in 2007 (Sections 26-2B-1 through 7). The act is cited as the Lynn and Erin Compassionate Use Act in honor of Lynn Pierson and Erin Armstrong. Ms. Armstrong’s mother, Deborah, serves in the New Mexico House of Representatives. The law allows the beneficial use of medical marijuana in a regulated system for al- leviating symptoms caused by debilitating medical treatments. New Mexico became the first state to establish a medical mar- ijuana program allowing for state-regulated and licensed med- ical marijuana providers. Other states followed New Mexico, which enabled the lawful sale and distribution of medical mari- juana. In turn, businesses were allowed to obtain state licenses to operate medical marijuana commercial dispensaries. The September forum featured a lively discussion of mari- juana from primarily a medical standpoint, with the financial side as a secondary topic. The town hall was moderated by State Senator Jerry Ortiz y Pino. Leading off the discussion was Dr. Tista Ghosh, the Deputy Chief Medical Officer of the Colorado State Health Department. Dr. Ghosh provided an excellent pre- sentation that touched on various aspects of Colorado’s experi- ence with marijuana legalization. She provided a brief summa- ry of Colorado's history with medical marijuana, then provided details regarding what the state has faced following legalization. Since passing Amendment 64 in November 2012, the state has essentially been a figurative guinea pig for legalizing recreation- al marijuana. Sales of recreational marijuana began in January 2014 and, since that time, the state has faced a number of chal- lenges and also experienced a great number of successes. Colorado has used many of the guidelines put into place for alcohol and tobacco regulation for regulating marijuana. The age limit for purchase is 21 years old, there is no public con- sumption allowed, and businesses can choose to prohibit the use of marijuana. There have also been dose limits per serv- ing of edibles put in place, as well as childproof packaging/la- beling. One concern has been children accessing edibles and consuming them, an issue that users with children must be vigilant about monitoring. Colorado has been very proactive about following patterns of marijuana use, health effects and reviewing literature and emerging science. The state has also been proactive in monitoring possible contamination and unin- tentional poisoning. The state has also placed a high priority on educating youth and preventing children from using marijuana at an early age. Dr. Ghosh also provided a number of statistics regarding the demographics of recreational marijuana users in Colorado. The data available does not suggest that there has been a substantial increase in use of marijuana in Colorado youth and adults since sales began. However, there is a higher current use among Col- orado adults compared to most other states, although that was also the case prior to legalization. Again, one of the most crucial elements regarding marijuana use is making sure young chil- dren are not exposed to it, as is the case with tobacco and alco- hol. Dr. Ghosh's presentation was enormously informative and illustrated how seriously Colorado has taken legalization. The state has been very proactive in all areas and, as a result, has been a test case for the rest of the country to observe. Colorado has adopted legislation establishing a marijuana co- operative financial system. Membership in the cooperative is open to licensed marijuana businesses, industrial hemp busi- nesses, and entities that provide goods or services to licensed marijuana businesses. Although Colorado marijuana financial I n September, the Psychiatric Medical Association of New Mexico held a town ha l l regarding medica l mar i juana and mar i juana l e g a l i z a t i on . Th e me e t i n g p r o v i d e d a f o r um t o d i s c u s s an issue that is rapidly gaining momentum across the countr y.