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The Cannabis Control Division of the Regulation and Licensing Department (NMRLD) announced Thursday that the state saw double the usual daily cannabis sales on 420, an unofficial but much-celebrated cannabis holiday.
“Legal cannabis sales have brought 420 out of the shadows and into the mainstream of our state’s economy,” said Cannabis Control Division Director Kristen Thomson. “New Mexicans celebrated responsibly yesterday and came out in strong numbers to celebrate and enjoy high-quality New Mexico products.”
On 420, cannabis retailers sold $2.2 million in cannabis products statewide, which is nearly double a typical Wednesday and only slightly less than the $2.7 million from April 1, the first day of sales.
Legal adult-use cannabis sales started in New Mexico April 1. The opening weekend saw surge in consumer purchases that quickly settled into a consistent buying pattern that has generated more than $25 million dollars in sales to date.
All adult-use cannabis sales in the state are taxed. Medical cannabis sales are tax exempt. The first tax payments from adult-use cannabis retail businesses are due May 25 and data on state revenue from cannabis sales will be available after that date.
“The bottom line is that the cannabis industry in New Mexico is strong,” Thomson said. “From a strong opening and reliable supply to the sales bump on 420, New Mexicans have worked together to create a thriving industry that is part of the state’s diverse economy.”
Moving forward, the Cannabis Control Division will release sales numbers on a monthly basis, with data being available at the beginning of each month for the month prior.
The Cannabis Regulation Act, passed by the Legislature and signed by the Governor last year, legalized adult-use cannabis sales, which began April 1. The new industry is projected to generate $300 million annually in sales, create 11,000 jobs and bring in $50 million in state revenue in the first year alone.
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