In New Mexico, licensed marijuana stores sold over $46 million worth of product in October.
According to the New Mexico Regulation & Licensing Department, there was $46,821,699.23 worth of marijuana sold in October, spread across 1,180,263 different transactions. This bring the year-to-date total for marijuana sales to around $440 million.
All-time sales are now $1,361,057,802.03, spread across 29,705,041 different transactions.
Albuquerque continues to dominate in total sales, followed by Santa Fe, Las Cruces, and Sunland Park.
As of the end of October, there are 1,006 active marijuana stores located throughout the state.
New Mexico legalized marijuana in April 2021, with marijuana stores opening the following year. The law allows those 21 and older to 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.
More articles from The Marijuana Herald can be found below.
