Gov. Michelle Lujan Grisham announced that the state saw $300 million in adult-use cannabis sales in its first year, which began in April 2022.
In one year, the state has issued around 2,000 cannabis licenses across New Mexico, including 633 cannabis retailers, 351 producers, 415 micro-producers, and 507 manufacturers.
“In just one year, hundreds of millions of dollars in economic activity has been generated in communities across the state, the number of businesses continues to increase, and thousands of New Mexicans are employed by this new industry,” said Gov. Lujan Grisham. “I’m excited to see what the future holds as we continue to develop an innovative and safe adult-use cannabis industry.”
Monthly sales have remained consistent throughout the last year, with March 2023 marking the highest adult-use sales at $32.3 million. As of March 2023, more than $27 million in cannabis excise taxes has gone to the state general fund and to local communities. To date, the state has recorded more than 10 million transactions. More data on sales and licenses can be found here.
Albuquerque, Las Cruces, and Santa Fe saw the largest number of sales in the first year. Smaller communities, including Clovis, Farmington, and Ruidoso, each saw more than $7 million in adult-use sales. Towns near the Texas border were also positively impacted by the cannabis industry. Sunland Park recorded $19.4 million in adult-use sales.
“From the governor’s signing of the legislation to standing up the Cannabis Control Division and rolling out this new industry, the New Mexico cannabis industry has shown great promise,” said Regulation and Licensing Department Superintendent Linda Trujillo. “We’re looking forward to even more growth in year two.”
Source: governor.state.nm.us