New Mexico Adult-Use Cannabis Sales Top $22M During First Month

New Mexico retailers sold about $22.1 million in cannabis products during the state’s first month of adult-use sales.

Full story after the jump.

Adult-use cannabis sales in New Mexico reached $22.1 million in April – the first month of sales – according to Cannabis Control Division (CCD) data outlined by KRQE. Albuquerque led the state with just over $8 million, followed by Las Cruces with $2.06 million, and Santa Fe with $1.8 million.

Communities near the Texas border – Hobbs and Sunland Park – also sold more than $1 million worth of cannabis during the first month.

The CCD projects adult-use cannabis sales will reach $300 million per year, which means retailers would have to sell $25 million worth of adult-use cannabis per month – and while they did not meet the goal during the first month, more retailers are expected to come online as their applications are processed, the report says.

Cannabis sales during New Mexico’s opening weekend surpassed $4.5 million with nearly 70% of sales derived from adult-use sales.

In mid-April, the state issued its first license for on-site consumption. Under the state’s adult-use law public use is prohibited and can lead to a $50 fine.

Currently, there are 35 legacy operators in the state, but state cannabis regulators have issued more than 230 new industry business licenses so far. Under the law, local governments cannot outright ban cannabis businesses but can limit where they can be located and their hours of operation.

CCD officials expect the industry to create 11,000 jobs in the state and bring in $50 million in state revenues during the first year.

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