New Mexico Adult-Use Cannabis Sales Top $21.1M in May

New Mexico adult-use cannabis sales reached $21.1 million in May, slightly less than the state’s first month of sales.

Full story after the jump.

Adult-use cannabis sales in New Mexico reached $21.1 million in May, about $1 million less than the first month of sales, according to Cannabis Control Division (CCD) data outlined by KRQE. Albuquerque led the state with $7.3 million in sales.

In a statement, CCD Director Kristen Thomson said the “sales figures depict a steady pace” regulators expected when the state passed the reforms.     

“Our staff continues to work diligently to ensure applicants move through our licensing process efficiently, and ensure licensees operate within a safe, accessible, and effective regulated market.” – Thomson, in a statement, via KRQE

In all, combined adult-use and medical cannabis sales in New Mexico reached more than $38.5 million last month, with retail sales outpacing medical cannabis sales by about 9.5%. It is unclear how much tax revenue the state will see from May’s sales but in April, the industry generated more than $2.4 million from cannabis excise taxes and $4.1 million overall, according to a Santa Fe New Mexican report. Medical cannabis sales are exempt from the state’s excise tax. 

A Legislative Finance Committee report in March 2021 predicted retail cannabis sales in the industry’s full fiscal year, starting in July 2022 would produce $19.1 million in tax revenue for the state’s general fund and $9.4 million for local governments; however, the industry launched three months ahead of schedule.

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