Statewide cannabis sales approached $38 million in June, more than $695,000 in Farmington

John R. Moses
Farmington Daily Times

FARMINGTON — Cannabis dispensaries in Farmington sold just over $695,136 in medical and recreational products during the month of June, the Cannabis Control Division of the Regulation and Licensing Department announced this month.

The sales figures positioned Farmington’s dispensaries as having the 13th-highest sales numbers in the state. Of those sales, just over $223,288 came from medical cannabis sales, and just over $471,848 was from adult-use sales.

The city’s sales figures were well behind four major metro areas and some cities near the border with Texas, where adult use marijuana is not legal, although the medical use of use of low-THC cannabis products is regulated by the state through a compassionate use program.

Aztec was 44th of 48 municipalities listed on the sales figure roster, registering $13,929 in sales – just over $1,189 from medical sales and the balance in recreational sales.

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The Cannabis Control Division of the Regulation and Licensing Department  released this chart listing the amount of cannabis product sales during June 2022 broken down by municipality and type of sale, non-taxable medical sales and taxable adult-use sales.

Sales statewide in June by licensed retailers totaled $38 million in both adult-use and medical cannabis products, the Cannabis Control Division said in a news release.

“One year ago, on June 29th, Governor Lujan Grisham signed legislation that created the Cannabis Regulation Act,” Acting Director Carolina Barrera said in the July 7 news release. “As adult-use sales remain steady, this new industry is bringing new economic opportunities for entrepreneurs and communities across New Mexico.”

Adult-use cannabis sales in June were more than $21 million across the state.

The state’s population centers of Albuquerque, Santa Fe, Las Cruces, and Rio Rancho saw the highest sales numbers, with Hobbs also posting high sales numbers rounding out the top five cities by total sales, the release said.

“The New Mexico Taxation and Revenue Department received 124 Cannabis Excise Tax returns reporting a total of $2,518,607 in taxes due for the June filing period, which reflects sales activity in May,” the release said.

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

Slight rise in Farmington cannabis sales

June cannabis sales figures among Farmington's dispensaries reflect an increase of about $54,511 compared to the previous month, when Farmington also ranked 13th highest in sales volume. Dispensaries sold just over $666,135 in April.

Farmington dispensaries had sold just over $640,625 worth of medical, adult-use products during May, the second month of legal recreational sales. Farmington cannabis buyers paid out $236,636.50 toward medical cannabis sales and $403,988.85 in taxable adult-use sales in May, state regulators announced June 2.

The City of Farmington was owed just over $16,038 in tax revenues from the first month of legal adult use cannabis sales in city limits during the month of April, according to a report issued June 16 by the Taxation and Revenue Department.

The cannabis excise tax rate is 12 percent of the sale price of products that contain cannabis and its derivatives, according to information from the state tax department. That rate will increase to 13% on July 1, 2025, eventually reaching 18% in 2030.

The state discloses tax payments to municipalities that have cannabis dispensaries each month. May state cannabis sales tax distributions by location were not yet available at 3 p.m. on July 15.