New Mexico’s cannabis market has hit a record high in cannabis sales in August.
Newly published state data shows that August saw a total of $48,233,057 in sales. This was made up of $13,525,500 in medical cannabis sales and $34,707,557 in adult use sales.
Medical cannabis ws legalised in New Mexico in 2007, however, adult use cannabis legalisation was only signed into law in April 2021, with the first licensed sales of beginning in April, 2022.
New Mexico has now seen a total of $465,937,510.70 in adult use sales in its first 12 months of legalisation, compared to $257,916,592.46 in all time medical sales.
By March 2023, more than $27 million in cannabis excise taxes had gone to the state general fund and to local communities, and by April, the state had turned over $300 million in adult-use cannabis sales.
Speaking in April, Governor Michelle Lujan Grisham stated: “In just one year, hundreds of millions of dollars in economic activity has been generated in communities across the state, the number of businesses continues to increase, and thousands of New Mexicans are employed by this new industry.
“I’m excited to see what the future holds as we continue to develop an innovative and safe adult-use cannabis industry.”
Regulation and Licensing Department Superintendent Linda Trujillo, added: “From the governor’s signing of the legislation, to standing up the Cannabis Control Division and rolling out this new industry, the New Mexico cannabis industry has shown great promise.
“We’re looking forward to even more growth in year two.”
