The workplace of New Mexico Gov. Michelle Lujan Grisham mentioned Tuesday that hashish shoppers “have bought greater than $678.4 million price of adult-use hashish merchandise and $331.6 million in medical merchandise since April 1, 2022,” and that, thus far, “the state has recorded greater than 21 million transactions with $75 million in hashish excise taxes going to the state normal fund and native communities.”
“It is a big milestone for New Mexico’s hashish trade,” Lujan Grisham, a Democrat, mentioned in a press release. “Practically two years after starting gross sales, New Mexico is on the map as a premier hub for authorized and protected hashish and the thriving enterprise group that comes with it.”
The $1 billion threshold represents a big milestone for New Mexico’s authorized weed trade, which opened for enterprise in April of 2022. (The state formally legalized adult-use marijuana a 12 months earlier, in 2021, when Lujan Grisham signed into regulation the Hashish Regulation Act.)
Virtually one 12 months precisely, Lujan Grisham introduced that the state had hit $300 million in adult-use pot gross sales.
“In only one 12 months, tons of of thousands and thousands of {dollars} in financial exercise has been generated in communities throughout the state, the variety of companies continues to extend, and 1000’s of New Mexicans are employed by this new trade,” Lujan Grisham mentioned on the time. “I’m excited to see what the longer term holds as we proceed to develop an modern and protected adult-use hashish trade.”
In that announcement, the governor’s workplace mentioned that month-to-month gross sales “have remained constant all through the final 12 months, with March 2023 marking the very best adult-use gross sales at $32.3 million,” and that, as of March 2023, “greater than $27 million in hashish excise taxes has gone to the state normal fund and to native communities.”
“So far, the state has recorded greater than 10 million transactions. Extra information on gross sales and licenses might be discovered right here,” the workplace mentioned in a press launch on the time.
In Tuesday’s announcement of the $1 billion milestone, the governor’s workplace mentioned that “Albuquerque stays the highest metropolis within the state for hashish gross sales with greater than $202 million in adult-use merchandise being bought since legalization,” whereas “Sunland Park, one of many many communities that has been positively impacted by hashish tourism, recorded $57.4 million in adult-use gross sales.”
It isn’t a shock that Albuquerque, New Mexico’s largest metropolis, would boast the very best gross sales tallies. Town reportedly has extra hashish dispensaries than it does liquor shops.
Tuesday’s press launch from the governor’s workplace indicated that smaller communities in New Mexico “are additionally reaping the advantages of the flourishing hashish trade.”
“Municipalities like Las Vegas, Silver Metropolis, and Deming have every seen greater than $5 million in adult-use gross sales since April 2022,” the press launch mentioned. “As of March 1, 2024, the state has issued 2,873 hashish licenses throughout New Mexico, together with 1,050 retailers, 878 producers, and 459 micro producers.”
Lujan Grisham’s signing of the Hashish Regulation Act in 2021 made New Mexico the 18th state to legalize adult-use marijuana.
“The legalization of adult-use hashish paves the best way for the creation of a brand new financial driver in our state with the promise of making 1000’s of fine paying jobs for years to come back,” Lujan Grisham mentioned on the time. “We’re going to enhance shopper security by making a bona fide trade. We’re going to begin righting previous wrongs of this nation’s failed battle on medication. And we’re going to interrupt new floor in an trade which will effectively remodel New Mexico’s financial future for the higher.”
Her workplace projected that “gross sales of adult-use leisure hashish might quantity to $318 million within the first 12 months, creating over a number of years what may very well be greater than 11,000 new jobs,” and pointed to preliminary estimates that instructed “the excise tax will elevate at the least $20 million for the final fund within the first full fiscal 12 months, with important development in subsequent years.”
“As we glance to rebound from the financial downturn attributable to the pandemic, entrepreneurs will profit from this nice alternative to create profitable new enterprises, the state and native governments will profit from the added income and, importantly, staff will profit from the prospect to land new kinds of jobs and construct careers,” the governor added then.
“This laws is a significant, main step ahead for our state,” she continued. “Legalized adult-use hashish goes to vary the best way we take into consideration New Mexico for the higher – our workforce, our economic system, our future. We’re prepared to interrupt new floor. We’re able to put money into ourselves and the limitless potential of New Mexicans. And we’re able to get to work in making this trade a profitable one.”