New Mexico’s adult-use cannabis market turned one year old April 1, and with the anniversary came news that adult-use sales generated more than $300 million during the first year.
The adult-use market has raked in $300,973,859.87 since sales launched on April 1, 2022, according to data from the New Mexico Regulation & Licensing Department (NMRLD).
The state currently has 633 dispensaries, which have processed more than 6 million adult-use transactions in the past year, the data revealed.
All-time medical and adult-use sales have reached $488,329,995.22, with more than 10 million total cannabis transactions, according to the NMRLD.
Adult-use cannabis sales reached a new record high of $32,359,270.41 in March 2023, which could be partly due to the fact that March had five Fridays, when dispensaries typically see a spike in sales.
At the local level, Albuquerque, Las Cruces and Santa Fe had the largest number of adult-use cannabis sales during the first year of legalization.
Regulators have issued roughly 2,000 cannabis business licenses, according to a press release from Gov. Michelle Lujan Grisham’s office, including licenses for 351 producers, 415 micro producers and 507 manufacturers in addition to the 633 retailers.
“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,” Lujan Grisham said in a public statement. “I’m excited to see what the future holds as we continue to develop an innovative and safe adult-use cannabis industry.”
The state has generated more than $27 million in cannabis excise taxes as of March 2023, according to the press release, with the revenue going to the state’s general fund and local communities.
“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,” NMRLD Superintendent Linda Trujillo said in a public statement. “We’re looking forward to even more growth in year two.”
Join us this year at the Paris Las Vegas Hotel & Casino for Cannabis Conference, the leading education and expo event for plant-touching businesses.
