ALBUQUERQUE, N.M. (KRQE) – The first month of recreational cannabis sales in New Mexico has earned the state more than $2.4 million in cannabis excise taxes. That’s from more than 100 retailers, according to the state’s Taxation and Revenue Department (TRD).

Legal recreational cannabis retail sales began on April 1, 2022. On opening day alone, retailers sold nearly $2 million worth of recreational cannabis. In the first month, retailers sold just over $22 million worth. And those sales were subject to a cannabis-specific excise tax.

Medical cannabis sales to qualified patients are exempt from the excise tax. But non-medical sales are currently subject to a 12% excise tax. That’s in addition to the usual gross receipts tax that businesses are required to pay.

For the month of April — the first month of sales — 114 retailers filed tax returns. They paid $2,422,678 in excise tax and $1,635,243 in gross receipts tax, according to TRD.

“The adult use cannabis industry in New Mexico clearly has gotten off to a strong start,” Stephanie Schardin Clarke, the taxation and revenue secretary, said in a press release. “These receipts show the industry is already diversifying our economy and our tax base.”

The industry is expected to expand in the coming months as more retailers receive license approval from the state’s Cannabis Control Division (CCD) and begin sales. Ultimately, “the new industry is projected to generate $300 million annually in sales, create 11,000 jobs and bring in $50 million in state revenue in the first year alone,” according to the CCD.

KRQE News 13 expects to receive sales data for the month of May in the next week or so.