State data reveals that New Mexico sold nearly $50 million worth of legal marijuana in August.
According to data released by the New Mexico Regulation & Licensing Department, there was $48,072,161.91 worth of marijuana and marijuana products sold via licensed marijuana stores in August. $36,513,095.44 of this was purchased by recreational marijuana consumers, with $11,559,066.49 purchased by medical marijuana patients.
Sales were distributed across 1,148,950 different transactions.
The year-to-date total for legal marijuana sales in New Mexico is now $344,119,626.07, bring the all-time total to $1.3 billion spread across 27,280,002 different transactions.
As of August 31, there was 1,006 licensed marijuana stores in New Mexico.
Albuquerque continues to dominate in sales, followed by significant contributions from Santa Fe, Las Cruces, and Sunland Park.
New Mexico’s marijuana laws allow individuals aged 21 and older to legally purchase and possess up to two ounces of marijuana, 16 grams of marijuana extract, and 800mg of marijuana-infused edibles. The state imposes an approximate 5% tax at the point of sale, alongside a 12% excise tax specific to recreational marijuana.
Marijuana tax revenue is distributed as follows:
- General Fund: 40% of the total marijuana excise tax revenue is directed into the state’s general fund, which can be used for anything the legislature decides.
- Local Governments: Municipal and county governments receive 33% of the tax revenue.
- Education and Health Services: 25% of the revenue is directed towards education and health services, particularly for substance abuse prevention and treatment programs.
- Regulatory and Administrative Costs: The remaining 2% is used to cover the costs associated with regulating and administering the state’s cannabis industry, including funding for the Cannabis Control Division, which oversees licensing and compliance for marijuana businesses.
For more detail information on New Mexico’s legal marijuana market, click here.
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