Tucumcari sees growth in cannabis sales in May

Cannabis sales in Tucumcari continued to show robust growth in May compared to April, the latter which was the first month recreational marijuana could be legally sold in New Mexico.

Total cannabis sales in Tucumcari were $255,109.81 during the month of May, according to data from the Cannabis Control Division of the New Mexico Regulation and Licensing Department.

Nearly $200,000 was listed as adult-use sales. A little more than $55,000 were medical sales.

That compared to $181,000 in pot sales recorded in Tucumcari in April. May’s numbers were 40% higher, which reflected more dispensaries that had operated for the full month. For about two weeks in April, only one dispensary was open in Tucumcari.

Other marijuana sales figures in eastern New Mexico in April and May;

• Hobbs, $1.61 million in May; $1.7 million in April;

• Clovis, $1.12 million in May; $1.28 million in April;

• Portales, $361,735.13 in May; $397,908 in April;

• Clayton, $101,036.94 in May; $87,220 in April;

• Texico, $56,247.70 in May; $17,275 in April.

According to the Cannabis Control Division’s database, more than 30 cannabis license applications have been filed in Tucumcari, with seven being retail. The rest were manufacturer, producer or microbusiness licenses.

In recent weeks, cannabis license applications also have been filed in the Quay County communities of Logan and Glenrio.

In the state overall, nearly $39 million in cannabis sales were recorded in May, about the same as the previous month.

“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.

All adult-use cannabis sales in the state are taxed. Medical cannabis sales are exempt from the excise tax and can be deducted from gross receipts on gross receipts tax returns.

On May 27, the state’s Taxation and Revenue Department announced adult-use cannabis retail stores paid more than $2.4 million in cannabis excise tax from the first month of recreational cannabis sales in April. Those retailers also paid $1.6 million in gross receipts tax.

In addition to cannabis products, gross receipts tax payments include taxes due on products and services other than cannabis.

Local governments will receive a minority share of New Mexico’s 12% excise tax on recreational marijuana sales, along with a share of additional sales taxes.

The Cannabis Regulation Act, passed by the New Mexico Legislature and signed by the governor last year, legalized adult-use cannabis sales on April 1. The 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.