New Mexico legal adult-use marijuana sales exceed $300 million in first year

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New Mexico’s regulated adult-use marijuana market turned 1 year old on April 1, with first-year recreational sales totaling nearly $301 million.

Recreational cannabis sales in the state for March reached a record monthly high of $32.4 million, according to data from the Cannabis Control Division (CCD) of the New Mexico Regulation & Licensing Department.

“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,” New Mexico Gov. Michelle Lujan Grisham said in a news release.

The governor’s office said New Mexico issued roughly 2,000 marijuana business licenses in one year, “including 633 cannabis retailers, 351 producers, 415 micro producers, and 507 manufacturers.”

The release also noted that, “as of March 2023, more than $27 million in cannabis excise taxes has gone to the state general fund and to local communities.”

New Mexico’s roughly $32.4 million worth of legal adult-use sales in March coupled with $15.4 million in medical marijuana sales brings total sales for the month to $47.8 million.

The CCD recorded 725,572 adult-use transactions in March, compared with 287,904 medical transactions.