New Mexico Cannabis Sales Reach $300M in First Year

Adult-use cannabis sales in New Mexico reached more than $300 million during the first year they were permitted, the Associated Press reports. Adult-use sales began in the state on April 1, 2022 and the state has collected $27 million in cannabis excise taxes since the market’s launch.

Cannabis retailers located near its border with Texas – the largest state where cannabis remains outlawed – accounted for more than $19 million of New Mexico’s adult-use cannabis sales, the report says.

Medical cannabis sales in the state totaled $187 million during that span.

In all, there are 633 dispensaries throughout New Mexico.

The state imposes a 12% tax on adult-use cannabis sales and lawmakers are considering a proposal that would create two new programs funded by cannabis excise tax revenues, including a community reinvestment grant fund and a substance use disorder prevention and treatment fund. Currently, all cannabis excise tax revenues are sent into the state’s general fund and the bill would earmark a third of cannabis taxes for the new programs.

New Mexico’s adult-use cannabis sales in March reached a record high of $32.4 million through 725,572 transactions, according to data from the Cannabis Control Division. Medical cannabis sales totaled about $32.4 million through 287,904 transactions.