New Mexico state officials have detailed the economic impact of the first year of adult-use cannabis sales, which began in April 2022, noting sales totaling $300 million.
“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,” said Gov. Michelle Lujan Grisham said. “I’m excited to see what the future holds as we continue to develop an innovative and safe adult-use cannabis industry.”
The state has issued around 2,000 cannabis licenses statewide, including 633 cannabis retailers, 351 producers, 415 micro-producers, and 507 manufacturers – adding monthly sales have remained consistent throughout the last year, with March 2023 representing the highest adult-use sales at $32.3 million.
“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,” Regulation and Licensing Department Superintendent Linda Trujillo said. “We’re looking forward to even more growth in year two.”
Per the state, Albuquerque, Las Cruces, and Santa Fe recorded the largest number of first-year sales while smaller communities that include Clovis, Farmington, and Ruidoso reported over $7 million in adult-use sales.