NM records more than US$41 million in sales of adult-use Cannabis in border region

Category: News
Published: 2023-04-04
NM records more than US$41 million in sales of adult-use Cannabis in border region

NEW MEXICO – The state of New Mexico recorded $300 million in adult-use cannabis sales in its first year, which began in April 2022.

In the past year, the state has issued about 2,000 cannabis licenses across New Mexico, including 633 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 grow and thousands of New Mexicans are employed by this new industry,” said Gov. Lujan Grisham.

Monthly sales have remained steady over the past year, with March 2023 marking the highest adult-use sales at $32.3 million.

Through March 2023, more than $27 million in cannabis excise taxes have gone to the state’s general fund and local communities. To date, the state has recorded more than 10 million transactions.

Albuquerque, Las Cruces and Santa Fe recorded the highest number of sales in the first year. Smaller communities, such as Clovis, Farmington and Ruidoso, each recorded more than $7 million in adult sales.

Cities near the Texas border were also positively impacted by the cannabis industry. Sunland Park recorded $19.4 million in adult-use sales, while Las Cruces, recorded 869,673 transactions, which translates to more than $38.9 million in total sales, of which, just over $22.3 million was in adult-use sales.

“From the governor’s signing of the legislation, to the creation of the Cannabis Control Division and the rollout of this new industry, it has shown great promise,” said Department of Regulation and Licensing Superintendent Linda Trujillo.