The following controlled substances are included in Schedule IV:

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A. any material, compound, mixture or preparation which contains any quantity of the following substances having a potential for abuse associated with a depressant effect on the central nervous system:

(1)     barbital;

(2)     chloral betaine; (3)     chloral hydrate; (4)     ethchlorvynol; (5)     ethinamate;

(6)     methohexital; (7)     meprobamate;

(8)     methylphenobarbital; (9)     paraldehyde;

(10)    petrichloral; or

(11)    phenobarbital;

B. controlled substances added to Schedule IV by rule adopted by the board pursuant to Section 30-31-3 N.M. Stat. Ann.; and

C. the board may exempt by regulation any compound, mixture or preparation containing any depressant substance listed in Subsection A of this section from the application of all or any part of the Controlled Substances Act if the compound, mixture or preparation contains any active medicinal ingredients not having a depressant effect on the central nervous system and if the admixtures are included in combinations, quantity, proportion or concentration that vitiate the potential for abuse of the substances which have a depressant effect on the central nervous system.