Texas economy

New Mexico records cannabis sales that help the economy

AMARILLO, Texas (KFDA) — New Mexico hit a cannabis sales record for the month of July, with more than $40 million in total sales in the state.

TOTALS $16,813,947.36 $23,491,184.55 $40,305,131.90

The state of New Mexico recorded more than $40 million in sales in the month of July, more than half of which came from adult recreational use.

The town of Clovis has averaged about $730,000 in recreational sales since legalization.

CLAYTON $14,017.71 $164,709.09 $178,726.80
CLOVIS $429,027.33 $736,931.97 $1,165,959.30
LOGAN $5,331.04 $20,241.59 $25,572.63
PORTALS $201,586.72 $134,874.88 $336,461.60
TEXIC $4,567.00 $68,131.78 $72,698.78
TUCUMCARI $55,057.80 $297,500.49 $352,558.29

The City of Clovis says it’s unsure of the impact of the sales on its budget due to the state’s tax system, but expects raw tax projections in November.

“We certainly expect this to affect our budget, but unfortunately right now the way the tax and tax services system is set up, cannabis is set up as a retail product, so that ‘It’s not separated from other products reported in retail sales,’ said Justin Howalt, director of Clovis City.

The city cannot include these sales in its budget until it receives the reports from the state.

“It’s increased some revenue, but until we get numbers from the economist, we can’t include it in our budgets,” Howalt said.

Jobs have also increased in the region, which has contributed to employment rates.

“Jobs have been created, obviously there are new retail establishments that have opened, and of course to have these establishments you have to have employees and so, has that had an impact in this particular area? Yes, jobs have been created,” Howalt said.

Copyright 2022 KFDA. All rights reserved.