April 3, 2023

Recreational cannabis brings in more than $300 million in its first year

The state’s recreational cannabis program brought in $300 million in adult-use cannabis sales in its first year, Gov. Michelle Lujan Grisham announced Monday, a few days after the anniversary of legalized cannabis sales.

 “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 news release Monday. “I’m excited to see what the future holds as we continue to develop an innovative and safe adult-use cannabis industry.”

Since April 2022, New Mexico issued about 2,000 cannabis licenses across the state including 633 dispensaries, 351 producers, 415 micro-producers and 507 manufacturers.

In the first year of adult-use cannabis, sales have been on a consistent trajectory with March 2023 showing the largest adult-use cannabis sales so far with more than $32 million in sales. 

Medical cannabis sales are still active with March sales totaling about $15 million which is comparable to previous months which showed $13-15 million in sales.

By the end of March, more than $27 million in cannabis excise taxes had gone to the state’s general fund and to local communities, the news release states.

The largest amount of sales came from Albuquerque, Las Cruces and Santa Fe while smaller communities such as Clovvis, Farmington and Ruidoso each had more than $7 million in adult-use sales, the news release states.

“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,” Regulation and Licensing Department Superintendent Linda Trujillo said in the news release. “We’re looking forward to even more growth in year two.”

For more information, visit the state Regulation and Licensing Department Cannabis Control website or call (505) 476-4995.