Legalized cannabis industry in New Mexico to create new jobs, unprecedented annual revenues
(Albuquerque) – A recent economic report produced by Kelly O’Donnell, Ph.D., of O’Donnell Economics and Strategy found the legalized cannabis industry in New Mexico would total $412.5 million in annual revenues after the first year of implementation and $677.7 million by 2021.
The report, commissioned by Ultra Health® with support from the Drug Policy Alliance, Rio Grande Foundation and a consortium of industry advocates, also found that legalized cannabis would create more than 11,400 jobs – 6,600 in the direct cannabis industry and 4,780 in ancillary positions.
"Legalizing cannabis could have a profound effect on New Mexico’s economy and help fill New Mexico’s yawning budget gap,” Dr. O’Donnell said. “But to achieve the benefits of a robust cannabis market, state policymakers must insist on common sense regulation and sound tax policy.”