Update (5:08 p.m.)
Officials with the state of New Mexico released information on tax information related to adult-use cannabis sales for the state. Officials estimate that the state brought in around $450,000 in tax revenue through the sales throughout the weekend.
According to officials, the excise tax on retail cannabis sales is 12% for adult-use sales, a third of which goes to local governments. Adult-use sales are also under gross receipts tax, which varies based on the location of the sale. The state rate is 5.125% and local entities have option rates on top of that.
SANTA FE, N.M. (KAMR/KCIT) — Officials with the state of New Mexico announced Monday that cannabis sales totaled more than $5 million during the first weekend of sales.
According to a news release from the office of New Mexico Governor Michelle Lujan Grisham, the state’s cannabis retailers made $5,219,575.73 in sales, combining medical and adult-use purchases. More than 87,700 individuals purchased products during the first weekend.
“New Mexico’s launch of recreational cannabis has been one of the most successful, if not the most, of any state,” Grisham said in the release. “Not to mention that we beat Colorado’s numbers for first-day sales. New Mexicans demonstrated the strength of the demand for this exciting new industry, and it is clear that adult-use cannabis is going to be a contributor to our diverse state economy.”
At the start of sales Friday, 151 retail licenses have been issued, covering nearly 250 locations throughout the state. Officials project that the cannabis industry will generate more than $300 million in sales, create more than 11,000 jobs and bring in $50 million in state revenue.
“New Mexico was ready for this historic opportunity to end prohibition,” Cannabis Control Division Director Kristen Thomson said in the release. “Whether it’s people moving from the illicit market to the safe, regulated legal market or brand-new customers excited to try high-quality New Mexico products for the first time, New Mexicans supported cannabis businesses in record numbers this weekend.
Officials from the Cannabis Control Division encourage individuals purchasing products to consume it responsibility, also urging new users to “start low and go slow.”