MjLink Cannabis Business News and Press
New Mexico’s Adult-Use Cannabis Sales Surpass $21 Million in May
New Mexico’s adult-use cannabis sales surpassed $21 million in May, the second month since the market launched April 1.
The state’s dispensaries racked up $21,1000,803.88 in adult-use sales and $17,431,953.58 in medical sales for a grand total of $38,532,757.46 in cannabis sales for the month, according to a press release from the New Mexico Regulation and Licensing Department.
“These sales figures depict a steady pace that we expected when adult-use cannabis was legalized,” said Cannabis Control Division Director Kristen Thomson in a public statement. “Our staff continues to work diligently to ensure applicants move through our licensing process efficiently, and ensure licensees operate within a safe, accessible, and effective regulated market.”
The cities of Albuquerque, Santa Fe, Las Cruces, Rio Rancho and Hobbs saw the highest sales numbers, according to the release.
The state collected $2,422,678 in cannabis excise taxes from adult-use cannabis retailers from the first month of sales in April, the release stated. Medical cannabis sales are exempt from the excise tax.
New Mexico’s adult-use cannabis industry is projected to generate $300 million in annual sales, according to the release, as well as create 11,000 jobs in the state.