Cannabis became legal in April 2022 and in those two years, the industry has grown into a billion dollar industry in New Mexico.
Gov. Michelle Lujan Grisham announced Tuesday that cannabis sales for both adult recreational use and medical use have exceeded $1 billion.
“This is a huge milestone for New Mexico’s cannabis industry,” Lujan Grisham said in a press release. “Nearly two years after beginning sales, New Mexico is on the map as a premier hub for legal and safe cannabis and the thriving business community that comes with it.”
More than $678.4 million in cannabis products were sold for adult recreational use and $331.6 million in medical use cannabis products since April 2022.
Of those sales, $75 million in cannabis excise taxes were collected. These taxes go to local communities and to the state general fund.
Most of the legal cannabis sales happened in Albuquerque with more than $202 million in adult-use sales, according to a press release.
Sunland Park recorded $57.4 million in adult-use sales, the press release stated.
Smaller cities and villages have also seen high adult-use sales such as Las Vegas, Silver City and Deming all seeing more than $5 million since April 2022.
Since the beginning of March, the state has issued 2,873 cannabis licenses in New Mexico including 1,050 retailers, 878 manufacturers and 459 microproducers, the press release states.For more information about cannabis licenses, visit the Cannabis Online Reporting Portal.
