GRANTS, N.M. — Governor Michelle Lujan Grisham announced on March 5 that New Mexico's cannabis industry has officially surpassed $1 billion in combined adult-use and medical sales. This significant milestone arrives just shy of two years following the commencement of legal adult-use cannabis sales in the state, marking a major success for the local economy and cannabis industry.
In the communities of Grants and Milan, the cannabis market is also showing promising growth.
In January, Grants reported sales of $114,841.90 in adult recreational marijuana and $65,123.68 in medical marijuana. The following month saw an increase, with $123,328.89 in adult recreational marijuana and $68,198.40 in medical marijuana sales.
Milan recorded $41,814.22 in adult recreational and $10,107.23 in medical marijuana sales in January, with a noticeable increase in February to $54,111.18 in adult recreational and $16,487.88 in medical marijuana sales.
The total amount spent on marijuana in Cibola County, including both adult recreational and medical sales for January and February, is approximately $494,013.38.
According to state reports, consumers have spent over $678.4 million on adult-use cannabis and an additional $331.6 million on medical cannabis products since the market opened on April 1, 2022. With more than 21 million transactions processed to date, the state has collected $75 million in cannabis excise taxes. These funds are contributing to the state general fund and benefiting local communities throughout New Mexico.
Governor Lujan Grisham expressed her enthusiasm for the industry's growth, saying, 'This is a huge milestone for New Mexico’s cannabis industry. Nearly two years after beginning sales, New Mexico is on the map as a premier hub for legal and safe cannabis and the thriving business community that comes with it.”
Albuquerque leads the state in cannabis sales, boasting over $202 million in adult-use cannabis products sold since the legalization. Sunland Park, highlighted for its surge in cannabis tourism, has reported $57.4 million in adult-use sales. Additionally, smaller municipalities like Las Vegas, Silver City, and Deming have each seen significant sales, with more than $5 million in adult-use cannabis since April 2022.
As of March 1, 2024, New Mexico has issued 2,873 cannabis licenses, including 1,050 retailers, 878 manufacturers, and 459 micro producers, reflecting the expansive growth of the cannabis sector across the state.