New Mexico began selling adult-use marijuana on Friday, April 1, 2022. Sales are amazing.

In just one weekend, the cannabis regulator reported $4.5 million in sales. Nearly 70% come from recreational purchases.

The state’s medical marijuana program has been in place since 2007.Friday’s change places New Mexico among 18 states Adult-use legalization of marijuana.

The state’s proximity to Texas, a staunch prohibitionist stronghold, could lead to more sales as cannabis-hungry consumers from the Lone Start state cross the border to meet their needs.

Texans who choose to go home with marijuana will face severe penalties. Concentrated possession, in particular, carries a maximum penalty of two years in prison and a $10,000 fine.

Consumers in New Mexico will initially rely on medical marijuana suppliers who have expanded their offerings to include recreational sales.

These traditional retailers may corner the market until new licensees can open their doors. To date, New Mexico’s cannabis regulator has issued 230 cannabis business licenses to growers, retailers and manufacturers.

Local governments can restrict where and when they can operate, but cannot ban cannabis businesses outright. Users can spend at home or at designated hotels, casinos or cigar shops. $50 public consumption fine.

The state is imposing a 12 percent excise tax on recreational marijuana sales. Local governments will receive a small portion of the excise tax. New Mexico also issued $5 million in low-interest loans to small cannabis businesses that don’t have access to traditional lines of credit.

Governor Michelle Lujan Grisham Adult-use legalization is a response to popular demand that will generate small business opportunities, it said Thursday. “That’s what consumers want,” Lujan Grisham said.

The ultimate goal of lawmakers is to eliminate illicit markets, increase employment and provide new sources of government revenue.