Cannabis industry reached more than US$5.2 million in sales

NEW MEXICO – Cannabis sales in New Mexico totaled US$5.2 million during the first weekend of adult-use sales, the Department of Regulation and Licensing’s Cannabis Control Division reported Monday.

During last April 1, the first day of adult-use sales, the figures reached nearly double those recorded in the state of Colorado, the New Mexico government reported.

“The launch of recreational cannabis in New Mexico has been one of the most successful, if not the most, of any state. Not to mention, we surpassed Colorado’s numbers for first-day sales. New Mexicans demonstrated the strength of demand for this exciting new industry, and it’s clear that adult-use cannabis is going to be a contributor to our diverse state economy,” said Gov. Michelle Lujan Grisham.

Between midnight on Friday, April 1, and 11:59 p.m. on Sunday, April 3, cannabis retailers made US$5,219,575.73 in sales with medical and adult-use purchases combined.

Adult-use sales alone brought in US$3,522,811.27 and medical cannabis generated $1,696,764.46. The resource came from 87,773 individual transactions from all corners of the state.

As of the start of sales on Friday, 151 retail licenses had been issued, covering nearly 250 locations.

The Cannabis Regulation Act, passed by the Legislature and signed by the governor last year, required adult-use cannabis sales to begin no later than April 1. The new industry is expected to generate more than US$300 million annually in sales, create more than 11,000 jobs and bring in US$50 million in state revenue in the first year alone.

Source: MEXICONOW Staff