New Mexico Recreational Pot Sales Surpass $3 Million in Opening Weekend

New Mexico Recreational Pot Sales Surpass Million in Opening Weekend
High Times

Three days and millions of dollars later, the New Mexico adult-use cannabis industry is off to a roaring start. Local television station KOAT reports that, as of noon on Sunday, recreational pot sales in the state had eclipsed $3 million. The station, citing state officials, said that 49,552 transactions for recreational cannabis transactions had been recorded at that time, which totaled $3,092,712. Sales officially kicked off after midnight on Friday, when hundreds of eager customers lined up outside the dispensaries in anticipation of the historic opening. New Mexico is the 18th state to legalize recreational pot use for adults after its Democratic governor,  Michelle Lujan Grisham, signed a bill into law last spring. “The legalization of adult-use cannabis paves the way for the creation of a new economic driver in our state with the promise of creating thousands of good paying jobs for years to come,” Lujan Grisham said in a statement at the time. “We are going to increase consumer safety by creating a bona fide industry. We’re going to start righting past wrongs of this country’s failed War on Drugs. And we’re going to break new ground in an industry that may well transform New Mexico’s economic future for the better.” From the start, Grisham has hailed legalization as a force for economic prosperity in the state. After signing the legislation into law last year, her office said that “sales of adult-use recreational cannabis could amount to $318 million in the first year, creating over several years what could be more than 11,000 new jobs.” Her office added “that the excise tax will raise at least $20 million for the general fund in the first full fiscal year, with significant growth in subsequent years.” “As we look to rebound from the economic downturn caused by the pandemic, entrepreneurs…

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