Albuquerque, New Mexico, this month launched a pilot program for guaranteed basic income funded partly by cannabis industry tax revenue, according to a Business Insider report.
The program was implemented by the City of Albuquerque’s Cannabis Equity & Community Reinvestment Fund, which the City Council voted to establish in 2023. Officials have allocated $4.02 million for the three-year program, with over $2 million coming from taxes on legal cannabis sales.
Unlike a universal basic income, which would provide payments for all local families, Albuquerque’s guaranteed basic income program prioritizes families living in areas that historically were impacted more by cannabis prohibition laws. The program launched this month with 80 participating families from two districts in Albuquerque — the families will receive $750 with no strings attached in monthly payments over the course of the program.
“This program puts money where it’s needed most, into the hands of struggling families working to build a better future. Albuquerque is a city that will always fight to correct injustices and will push to help families get the tools they need to succeed with dignity.” — Mayor Tim Keller, in a press release to announce securing the funds
Proponents of universal or guaranteed basic income programs say that the payments can help people stabilize when facing financial struggles. On the other hand, opponents label the programs a form of socialism and argue that they discourage work among recipients.
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