New Mexico Cannabis Sales Hit $40 Million in July

New Mexico Cannabis Sales Hit $40 Million in July

New Mexico officials announced this week that regulated cannabis sales topped $40 million in July. The Office of Regulation and Licensing’s Cannabis Control Division notes that the figure surpasses the monthly purchases of regulated cannabis recorded every month since licensed sales of recreational weed began in the state in April. Did.

During July, licensed retailers across New Mexico reported cannabis sales of more than $40 million, with sales of adult cannabis alone exceeding $23 million. Cannabis sales in April, the month of May, totaled more than $39 million, setting a state record, while April adult sales totaled just over $22 million. New Mexico Gov. Michelle Lujan Grisham said the numbers show a strong market for regulated recreational marijuana is being created in the state.

“These figures show that the impressive sales generated in the first month of legalized recreational cannabis sales were no fluke, and this is just the beginning.” Lujan Grisham said in a statement from the governor’s office on Thursday. “We will establish new industries that are already generating millions of dollars in local and state revenue, generate additional millions of dollars of economic activity statewide, and create new industries in small and large communities. It will create thousands of jobs for Mexicans.”

State officials noted that New Mexico’s most populous neighborhoods, including Albuquerque, Santa Fe, Las Cruces, Hobbes and Rio Rancho, reported the strongest cannabis sales. Albuquerque had the highest cannabis sales in the state in July, with combined adult and medical marijuana purchases surpassing $14 million. Santa Fe is next, where he had just under $3.5 million in total sales last month. In her two cities on the Texas border, Sunland and Hobbes, recreational marijuana is still illegal, and adult-use cannabis sales each record more than $1 million.

New cannabis products to help drive sales

Rusty Poe, manager of Sol Cannabis in Las Cruces, told local media that sales at his store continue to grow.

“Our sales have really been steadily increasing, and the more products we bring in, the more sales we have.” po saidnoted that new products on the pharmacy’s menu, including cannabis-infused beverages and foods, contributed to the increase in sales.

Ben Lewinger, executive director of the New Mexico Cannabis Chamber of Commerce, said the state’s cannabis sales were a win for New Mexico and its growing industry.

“I couldn’t be prouder of my hometown.” Levinger said“The Cannabis Regulation Act felt like an impossible timeline for launching a brand new adult cannabis industry, but here[we]have legal cannabis for people 21 and older. It’s been 4 months since we started and we’ve had record sales not only for adult use, but also for our valued medical cannabis program. The industry will continue to grow statewide.”

Since regulated sales of cannabis for adult use began in April, dispensaries have made more than $88 million in recreational cannabis sales. The Cannabis Control Division releases monthly sales figures, with previous month data available at the beginning of each month.

New Mexico’s growth in adult-use cannabis sales has benefited not only the state’s cannabis industry, but also public funds. New Mexico Department of Revenue spokesman Charlie Moore said June’s cannabis sales tax returns totaled nearly $2.5 million. The amount of tax accrued from cannabis sales in July will be announced by the agency in late August.

With two decades of dedicated experience, Nuggs is a seasoned cannabis writer and grower. His journey has been a harmonious blend of nurturing cannabis from seed to harvest and crafting insightful content. A true expert, they've honed strain-specific knowledge, cultivation techniques, and industry insights. His passion shines through enlightening articles and thriving gardens, making them a respected figure in both the growing and writing facets of the cannabis world.

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