New Mexico record cannabis sales helping the economy
AMARILLO, Texas (KFDA) - New Mexico hit record cannabis sales for the month of July, with over $40 million of total sales in the state.
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The State of New Mexico reported more than $40 million of sales in the month of July with more than half coming from recreation adult-usage.
The city of Clovis averaged around $730,000 of recreational sales since the legalization.
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The city of Clovis says it isn’t sure how sales will effect its budget because of the states tax system, but expect gross tax projections in November.
“We certainly do expect it to effect our budget, but unfortunate at this time the way that the tax and revenue departments system is set up cannabis is set up as a retail product so it is not segregated from any other products reported in retail sales,” said Clovis City Manger Justin Howalt.
The city cannot include these sales in its budget until they receive the reports from the state.
“It has increased some revenues, but until we get some numbers from the economist, we cannot include it in our budgets,” said Howalt.
Jobs have also increased in the area, which has helped with job rates.
“Jobs have been created, obviously there is new retail establishments that have opened up, and of course in order to have those establishments you need to have employees and so, has it had an impact in that particular area? Yes, jobs have been created,” said Howalt.
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