You have your retail license, all of your local permits and have set up your point-of-sale (POS) system. You are ready to open your dispsensary, right? Almost.
Adult-use Cannabis Retailers who take part in sales MUST set up a special tax account wit the Tax & Revenue Department before starting sales. The State’s online system, the Taxpayer Access Point (TAP), at https://tap.state.nm.us, is used to file and pay.
Remember: All retailers must file and pay through the online system on or before the 25th day of month following the month in which the taxable sale occurs.
For instructional video on how to apply for a NM Business tax ID see the below link:
For instructional video on how to apply for a Cannabis Excise tax ID see the below link:
For information on how to update your business using our online portal please see the below link:
For “How to file a Cannabis Excise Tax Return” check out this video on our YouTube channel:
The team at Weeds. can help you set up your accounts and ensure your retail outlet is ready to go and in compliance with the rules. Contact us to learn more about our pre-opening mock inspections and SOP services.