On March 5th, Governor Michelle Lujan Grisham made an announcement that cannabis sales in the state of New Mexico have hit a milestone, breaking $1 billion dollars in sales since adult use legalization.
This generated $75 Million dollars in excise tax that is going to the state General Fund and local communities.
These numbers are coming in a month prior to the second anniversary of legal adult use cannabis sales.
Cannabis users have made more than 21 million transactions and purchased over $670 million of adult-use cannabis and over $330 million in medical products since April 1st 2022.
Gov. Lujan Grisham said “ This is a huge milestone for New Mexico's cannabis industry. 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.”
Albuquerque has the highest cannabis sales with over $200 million in adult-use products being sold since legalization.
Smaller communities are also benefiting from legal cannabis sales; Las Vegas, Silver City and Deming have seen more than $5 million in adult-use cannabis sales.
Sunland Park has been able to foster cannabis tourism and recorded $57 Million in adult-use sales.
As of March 1, 2024, New Mexico has issued nearly 3000 cannabis licenses across the state, with over 1000 retailers.