New Mexico’s Marijuana Market Sees Over $48 Million in Sales in August
According to data from the New Mexico Regulation & Licensing Department, the state’s licensed marijuana stores reported a total of $48,072,161.91 in marijuana and marijuana product sales for August. Of this amount, $36,513,095.44 was attributed to recreational marijuana purchases, while $11,559,066.49 came from sales to medical marijuana patients.
The sales for August were made across 1,148,950 transactions. This brings the year-to-date total for legal marijuana sales in New Mexico to $344,119,626.07, with an all-time sales total reaching $1.3 billion, spread across 27,280,002 transactions.
As of August 31, New Mexico had 1,006 licensed marijuana stores operating throughout the state. Albuquerque led the market in sales, followed closely by Santa Fe, Las Cruces, and Sunland Park.
Overview of New Mexico’s Marijuana Laws and Taxation
Under New Mexico’s marijuana laws, individuals aged 21 and older can legally purchase and possess up to two ounces of marijuana, 16 grams of marijuana extract, and 800mg of marijuana-infused edibles. The state applies a roughly 5% tax on marijuana sales, in addition to a 12% excise tax specifically on recreational marijuana.
Distribution of Marijuana Tax Revenue
Revenue generated from marijuana sales is allocated as follows:
- General Fund: 40% of the marijuana excise tax revenue is directed to the state’s general fund, which supports various legislative priorities.
- Local Governments: Municipal and county governments receive 33% of the tax revenue, helping to fund local initiatives.
- Education and Health Services: 25% of the revenue is earmarked for education and health services, particularly for substance abuse prevention and treatment programs.
- Regulatory and Administrative Costs: The remaining 2% covers the costs of regulating and administering New Mexico’s cannabis industry, including funding for the Cannabis Control Division, which manages licensing and compliance for marijuana businesses.
For more detailed information on New Mexico’s legal marijuana market, click here.
