How is the sale of recreational marijuana going in New Mexico?
NEW MEXICO (KFOX14) — Early results show the sale of recreational marijuana in New Mexico is a blooming business.
As KFOX14 reported, the sale of recreational pot became legal in New Mexico on April 1.
KOB, an Albuquerque TV station, reported that through the first 10 days, legal recreational marijuana sales across the state totaled nearly $8 million.
If you add up all the taxes the state charges on legal cannabis, it totals about 17 percent of the legal sales.
So in the first 10 days of April, the State of New Mexico and its local municipalities made more than $1.5 million in tax revenue from those sales, which indicates that over the course of a year, legal recreational cannabis products could bring in 10s of millions of dollars in additional tax revenue.
It should be noted that nearly half of those sales came in the first weekend of the new rules when cannabis stores were allowed to open, from April 1 through April 3.
There were more than $3.5 million worth of legal recreational cannabis sales across the Land of Enchantment on that opening weekend.
Those sales were separate from medical marijuana sales which totaled nearly $1.7 million in New Mexico during the first weekend of April.
The state's cannabis retailers expect another big sales day on Wednesday of this week because it's 4/20, which has become an unofficial holiday that celebrates marijuana around the world.
New Mexico is now one of 17 states that have legalized the sale of recreational marijuana.
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