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.
Get daily cannabis business news updates. Subscribe
Thanks for reading our latest news article. Stay up to date on the latest hemp news, sourced and approved by HempRevs. If you have any questions or comments, please feel free to leave us a message in the comments!
Sign up for our weekly newsletter to stay up to date on the latest Industry news and check back soon for our next news story!
Source Disclaimer: This article was was sourced from Ganjapreneur.com (the Original Publisher). In order to maintain the functionality, trust, and safety of HempRevs.com, the content sourced from the Original Publisher may have been altered. Read the original article here:
New Mexico Adult-Use Cannabis Sales Top $21.1M in May