New Mexico Surpasses $1 Billion in Legal Cannabis Sales

The administration of New Mexico Governor Michelle Lujan Grisham announced a significant milestone on Tuesday, revealing that consumers have spent over $1 billion on cannabis products since the state legalized adult-use marijuana in April 2022.

Governor Lujan Grisham, a Democrat, hailed this achievement as a testament to New Mexico’s emergence as a leading destination for legal and safe cannabis, accompanied by a flourishing business ecosystem.

The $1 billion benchmark underscores the remarkable growth of New Mexico’s legal cannabis industry, which commenced operations in April 2022 following the enactment of the Cannabis Regulation Act in 2021.

Almost exactly a year ago, Governor Lujan Grisham celebrated the state reaching $300 million in adult-use cannabis sales, highlighting the substantial economic activity, business expansion, and job creation spurred by the industry.

According to recent data from the governor’s office, Albuquerque leads in cannabis sales, with over $202 million in adult-use products sold since legalization. Additionally, communities like Sunland Park, benefiting from cannabis tourism, have recorded significant sales figures.

Smaller municipalities across New Mexico, including Las Vegas, Silver City, and Deming, have also experienced economic benefits, each witnessing over $5 million in adult-use cannabis sales since April 2022.

As of March 1, 2024, the state has issued 2,873 cannabis licenses, comprising 1,050 retailers, 878 manufacturers, and 459 micro-producers, indicating a robust and diverse industry landscape.

Governor Lujan Grisham’s vision for legal cannabis in New Mexico extends beyond economic gains to address social justice issues and foster job creation. Her office projected substantial revenue generation for the state’s general fund, coupled with the creation of thousands of new jobs over several years.

The legalization of adult-use cannabis in New Mexico signifies a significant stride towards economic revitalization and social progress, positioning the state as a trailblazer in the evolving cannabis landscape.