New Mexico’s legal marijuana market generated over $48 million in sales in December, bringing the 2024 total to well above $500 million, according to data released today by the New Mexico Regulation & Licensing Department.
In total, there was $48,721,851.36 worth of marijuana sold via licensed retail outlets and dispensaries in December, spread across 1,177,712 different transactions. This brings 2024’s total to around $540 million, with around 75% of these sales going to recreational consumers and 25% to medical marijuana patients.
The all-time total for marijuana sales in New Mexico is now $1,506,133,863.88, spread across 33,264,974 transactions.
Through 2024, Albuquerque had the most total sales, followed by Santa Fe, Las Cruces, and Sunland Park.
New Mexico legalized marijuana in April 2021, with retail sales beginning the following year. Individuals aged 21 and older can possess up to two ounces of marijuana, 16 grams of marijuana extract, and 800 milligrams of marijuana-infused edibles, all available for purchase at licensed marijuana retailers. The state applies a roughly 5% sales tax, in addition to a 12% excise tax on recreational marijuana.
Marijuana tax revenue is allocated across several areas, with 40% directed to the state’s general fund for use at the legislature’s discretion. Local governments, including municipalities and counties, receive 33% of the revenue. Another 25% is earmarked for education and health services, with a focus on substance abuse prevention and treatment programs. The remaining 2% covers regulatory and administrative costs, including funding for the Cannabis Control Division, which oversees licensing and compliance for marijuana businesses.
