The Town of Bernalillo has reaped the benefits of the green boom that ensued following the legalization of cannabis in New Mexico nearly two years ago.
According to a press release from Gov. Michelle Lujan Grisham in March, the state has surpassed $1 billion in cannabis sales since its legalization two years ago.
The New Mexico Regulation and Licensing Department’s online cannabis website reports Bernalillo cannabis consumers have spent a total of $10.1 million since April 1, 2022, with $7.24 million going toward adult use and $3.26 million toward medical sales, with more than 260,000 transactions.
Bernalillo ranks second in cannabis sales within Sandoval County, following Rio Rancho with a total of $33.89 million in sales. Placitas, Cuba, and Corrales each exceed $1 million in sales, while Jemez Springs generated just over $121,000.
According to the press release, since April 1, 2022, New Mexico’s cannabis market has seen $678.4 million in adult-use sales and $331.6 million in medical sales. The more than 21 million transactions have generated $75 million in excise taxes for the state and local communities.
Charlie Moore, communications director for the New Mexico Taxation and Revenue Department said the state levies a 12% excise tax on recreational cannabis sales until July 1, 2025, and will gradually reach 18% by July 1, 2030.
Two-thirds of the tax collected goes to the state’s general fund and one-third is shared with either the municipality or the county in unincorporated areas where the sales took place.
Since cannabis was legalized, Bernalillo has generated $228,589 in Cannabis Excise Tax, according to numbers compiled from the New Mexico Taxation and Revenue Department website.
Town Clerk and Administrator Ida Fierro said the money generated from the excise tax goes into the general fund right now, which supports the town’s public initiatives like police and fire.
Bernalillo Mayor Jack Torres said he plans to propose to the Town Council that they allocate the funds to the town’s Planning and Zoning Department to address distressed properties.
“Because we’ve got several of them throughout the town and it’s an expensive process to get them cleaned up and it’s a slow process,” said Torres.
As of March 1, there are 1,050 dispensaries in New Mexico and 12 of them are located in Bernalillo.