Blog: New Mexico details reports nearly $40M in cannabis sales during first month – Financial Regulation News – Financial Regulation News

During the state’s first month of legalized adult-use cannabis sales, New Mexico state officials said retailers sold almost $40 million in adult-use and medical cannabis.

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The state’s Cannabis Control Division of the Regulation and Licensing Department determined last month that adult-use cannabis sales alone exceeded $22 million.

“New Mexicans showed up on April 1 ready to support local businesses selling high-quality New Mexico products,” New Mexico Cannabis Control Division Director Kristen Thomson said. “And they’re still coming. Thanks to hard work by the dedicated people working in the industry, supply easily met consumer and patient demand. New Mexicans have a lot to be proud of in the launch of this new industry, which is already adding value to the state’s diverse economy.”

The Cannabis Regulation Act garnered state legislature passage and was signed by Gov. Michelle Lujan Grisham last year. State officials estimate the industry to generate $300 million annually in sales while creating 11,000 jobs.

Authorities indicated while New Mexico’s adult-use cannabis sales are taxed, medical cannabis sales are tax-exempt. The initial tax payments from adult-use cannabis retail businesses are due on May 25.

The Cannabis Control Division noted the agency would begin releasing sales numbers monthly, and data would be available at the beginning of each month for the month prior.

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