There has been nearly half a billion dollars in marijuana sold legally so far this year in New Mexico.
According to data released today by the New Mexico Regulation & Licensing Department, recreational marijuana sales in November totaled $36,558,103.49. Combined with $11,244,933.11 in medical marijuana sales, the monthly total is $47,803,036.62 across 1,165,068 transactions. The figure is roughly on par with October’s $48.5 million and marks an increase from September’s $46 million.
Year-to-date sales now stand at approximately $490 million. Since April 2022, total marijuana sales have reached $1,457,412,012.52 across 32,087,262 transactions. Of this, adult-use sales account for $1,017,748,867, while medical marijuana sales make up $439,663,153.
In November, Albuquerque by far 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.
