Regulators: Farmington dispensaries sold $640,625 worth of medical, adult-use products in May

FARMINGTON — The second month of legal commercial cannabis sales in New Mexico reaped another financial windfall as the Cannabis Control Division of the Regulation and Licensing Department announced nearly $39 million in sales from both adult-use and medical cannabis product purchases.

Adult-use cannabis sales alone were more than $21 million during May, the news release stated.

Farmington cannabis buyers paid out $236,636.50 toward medical cannabis sales and $403,988.85 in taxable adult-use sales during the month of May, state regulators announced June 2.

The combined sales total in Farmington of $640,625.35 only ranked Farmington 13th in total sales volume among the more than 40 New Mexico municipalities with pending tax revenues on the horizon from cannabis dispensaries.

More:Some new Farmington cannabis retailers near opening day as New Mexico reports soaring sales

Tax payout numbers from April adult use sales to individual municipal recipients are due to be announced later this month.

The Taxation and Revenue Department announced last month that adult use cannabis sales raised $2,422,678 in Cannabis Excise Tax revenues from April’s first month of commercial cannabis sales. 

“Those retailers also paid $1,635,243 in Gross Receipts Tax,” the state release noted. “In addition to cannabis products, the Gross Receipts Tax payments include taxes due on products and services other than cannabis.”

“These sales figures depict a steady pace that we expected when adult-use cannabis was legalized. 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” said Cannabis Control Division Director Kristen Thomson.

As in April’s sales report, four of the top five towns and cities were ones with large populations, Albuquerque, Santa Fe, Las Cruces and Rio Rancho. Hobbs, which is very near the Texas border, was at the end of the top five group.

The Legislature passed the Cannabis Regulation Act last year legalizing adult-use cannabis sales. The state estimates that the cannabis industry will generate $300 million annually in sales, usher in 11,000 jobs and send $50 million to state coffers in the first year alone, according to the June 2 news release. 

Contact John R. Moses at 505-564-4624, or via email at jmoses@daily-times.com.

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