For the fifth time this years, monthly marijuana sales in New Mexico passed $50 million.
There was $50,097,212.57 worth of marijuana and marijuana products sold legally in New Mexico in August, according to the state’s Regulation & Licensing Department. Adult-use sales for August were $38,018,830.10, with medical marijuana sales making up the other $12,078,382.44.
There were 1,206,438 marijuana transactions in August: 959,066 adult-use transactions, and 247,372 transactions by medical marijuana patients.
The year-to-date total for marijuana sales is $394,216,838.64. All-time sales are $1,314,236,102.80 spread across 28,524,778 different transactions.
Albuquerque continues to dominate in sales, followed by Santa Fe, Las Cruces, and Sunland Park.
As of the end of September, there are 1,006 active marijuana stores located throughout the state.
Albuquerque continues to dominate in sales, followed by significant contributions from Santa Fe, Las Cruces, and Sunland Park.
New Mexico legalized marijuana in April 2021, with marijuana stores opening the following year. The law allows those 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, purchasable at a licensed marijuana store. 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.
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