In November 2020, New Mexico voters approved a ballot measure to legalize recreational cannabis. Since then, the state has seen a surge in cannabis sales, with the first year of legal sales exceeding $300 million.
According to the New Mexico Department of Health, the state’s medical cannabis program has been in operation since 2007 and has over 120,000 registered patients. With the legalization of recreational cannabis, the state has opened up a new market for adult-use sales.
In the first month of legal sales, New Mexico generated $17 million in revenue from cannabis sales. By the end of the first quarter, sales had reached $60 million. The second quarter saw a slight dip in sales, with $57 million generated. However, sales picked up again in the third quarter, with $78 million in revenue.
The majority of sales have come from the Albuquerque and Santa Fe areas, with each city accounting for around 25% of total sales. Las Cruces and Farmington have also seen significant sales, with each city accounting for around 10% of total sales.
The legalization of recreational cannabis has also created job opportunities in New Mexico. The state’s cannabis industry has created over 2,000 jobs since legalization, with more expected as the industry continues to grow.
In addition to generating revenue and creating jobs, the legalization of recreational cannabis has also had a positive impact on criminal justice reform. Prior to legalization, possession of small amounts of cannabis was a criminal offense in New Mexico. With legalization, individuals can now possess up to two ounces of cannabis without fear of arrest or prosecution.
However, there are still concerns about the impact of cannabis on public health and safety. The New Mexico Department of Health has implemented regulations to ensure that cannabis products are safe for consumption and that dispensaries are operating in compliance with state laws.
Overall, the first year of legal recreational cannabis sales in New Mexico has been a success. The state has generated significant revenue, created jobs, and taken steps towards criminal justice reform. As the industry continues to grow, it will be important for the state to continue to prioritize public health and safety.
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