Four months after New Mexico’s adult-use marijuana sales opened, the state posted its best month yet. Sales in July totaled at $40.3 million: $23 million from recreational sales and the rest from medical sales. April had had the previous highest grossing month, with the cannabis market bringing in $39 million. May’s combined sales were $38.5 million, and June held firm with $38 million.
Recreational sales legalization for adults over 21 was signed into law in June of 2021 and began accepting applications in December of that same year. After license holders opened the first wave of dispensaries in April, the state saw $2 million in sales on the first day. The steady sales, bolstered by revenue-topping July, have given confidence and credence to the recent legalization.
New Mexico’s Governor, Michelle Lujan Griswald, said in a press release, “These numbers show that the impressive sales generated in the first month of legalized recreational cannabis sales were no fluke – and this is only the beginning.” The statement from Gov. Griswald, who signed the adult-use legislation into law, continues, “We’ve established a new industry that is already generating millions of dollars in local and state revenue and will continue to generate millions more in economic activity across the state, creating thousands of jobs for New Mexicans in communities both small and large.”
The Governor’s office is hopeful that these substantial numbers will continue throughout the first year of sales. Gov. Griswald had predicted that sales would total $300 million in the first year; the state would have to sell an average of $25 million in recreational sales per month. While sales are slightly down from that, that target still may be reached as more recreational businesses begin to open and gather steam. The new postings from July’s revenue are a vital sign that New Mexico’s adult-use market may be well underway for bringing in the first-year target.