The sale of cannabis went a little higher in Rio Rancho, but dropped statewide.
The combined sale of legalized adult-use cannabis and medical cannabis in May was about $38.5 million, which marks about a 2.5 percent decrease from April, $39.5 million, according to the Cannabis Control Division of the Regulation and Licensing Department.
“These sales figures depict a steady pace that we expected when adult-use cannabis was legalized,” Cannabis Control Division Director Kristen Thomson said in a press release. “Our staff continues to work diligently to ensure applicants move through our licensing process efficiently, and ensure licensees operate within a safe, accessible, and effective regulated market.”
Of that $38.5 million, adult-use cannabis sales topped over $21 million or about 54.8 percent of the total amount of sales.
Albuquerque led the way in May at about $14.37 million followed by Santa Fe ($3.38 million) and Las Cruces ($3.33 million).
Rio Rancho was fourth in sales at about $1.72 million. This is up about 1.8 percent from April, $1.69 million.
Of the $1.72 million, $960,071 was for medical use while the remaining $762,872 was for adult-use, according to the Cannabis Control Division.
Other Sandoval County communities made some money as well.
Corrales brought in $89,832 ($48,066 in adult-use and $41,766 in medical use) while Placitas got $66,032 ($24,146 in recreational use and $41,886 in medical use).
All adult-use cannabis sales in the state are taxed. Medical cannabis sales are exempt from the excise tax and can be deducted from the gross receipts on gross receipts tax returns.
On May 27, the Taxation and Revenue Department announced that adult use cannabis retail stores paid about $2.4 million in cannabis excise tax from the first month of recreational cannabis sales in New Mexico during April.
Those retailers also paid about $1.6 million in gross receipts tax. In addition to cannabis products, gross receipts tax payments include taxes due on products and services other than cannabis.
The Cannabis Control Division will continue to release sales numbers on a monthly basis, with data being available at the beginning of each month for the month prior.
The Cannabis Regulation Act, passed by the Legislature and signed by the governor last year, legalized adult-use cannabis sales, which began on April 1.
The new industry is projected to generate $300 million annually in sales, create 11,000 jobs and bring in $50 million in state revenue in the first year alone, according to the state.
