Albuquerque Launches Basic Income Pilot Program Using Cannabis Funds

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.