Regulated cannabis sales in New Mexico surpassed $40 million in December, with recreational marijuana sales setting a new record of $28 million. Medical marijuana sales in the final month of 2022 increased to about $15.1 million from about $14 million in November, according to data released this week by the state’s cannabis administration department. The previous month’s increase reverses the downward trend in medical marijuana sales recorded in the previous four months back in August.
Andrew Vallejos, acting director of the Cannabis Control Division (CCD), said a record-breaking month for adult-use cannabis sales, coupled with an increase in medical marijuana purchases, is a big win for the state’s cannabis industry and regulators. I said it was a welcome surprise.
“As December surged, we don’t know exactly what could certainly be attributed to increases in both health care and recreation, but it was a bit of a surprise to us to see how robust these numbers were. Vallejos said in a statement quoted by albuquerque journal“Sales (numbers) are interesting in and of themselves, but what I am encouraged by is the fact that (a business) means a steady cash flow to stay open and profitable.”
Recreational marijuana sales to start in April
In April 2021, New Mexico Gov. Michelle Lujan Grisham signed the Cannabis Control Act, legalizing adult marijuana use and creating a framework for regulating the sale of adult marijuana. Just one year later, in April 2022, regulated dispensaries across the state began selling recreational marijuana licenses.
Since its launch in April, recreational marijuana sales in New Mexico will total more than $214 million in 2022, according to state data. Medical marijuana sales for the same period totaled about $144.2 million. At current sales rates, recreational marijuana sales in New Mexico could exceed $300 million in the first full year of regulated adult-use cannabis sales.
Ben Lewinger, executive director of the New Mexico Cannabis Chamber of Commerce, said December recreational sales figures show how small towns are capitalizing on economic opportunities related to the state’s newest industry. is shown.
“While this is very impressive at a statewide macro level, I think the early success of this industry is better illustrated when we look at smaller rural communities,” said Lewinger. I’m here. “Places such as Alto, Cloudcroft, Raton and Tularosa each have more than 10,000 total transactions in his December total. That’s tax revenue not just for the state, but for those municipalities and their counties. ”
Small towns in New Mexico, especially those near the border with Texas, have seen significant increases in monthly recreational marijuana sales since their launch in April. Sunland Park had his best month ever in December, the first time he topped $2 million in recreational marijuana sales. Hobbs also set a record for his $1.7 million in recreational marijuana sales last month. Recreational cannabis sales he hit about $832,000 in December, the highest ever reported in a town of 38,000.
Albuquerque leads the state in recreational cannabis sales, with nearly $8.4 million in sales in December, a new city record. Medical marijuana sales topped $14 million, adding another $6 million to the December Citywide total. The two cities had nearly $2 million in recreational cannabis sales in December, with Santa Fe posting its strongest sales to date and Las Cruces her second-highest monthly sales.
Recreational marijuana sales have dominated New Mexico’s cannabis industry since its launch in April, accounting for about 65% of total sales and about 68% of all dispensing transactions. Marijuana patients are spending more money per visit, with the average medical cannabis transaction across the state reaching $52.57. By comparison, average recreational marijuana sales have risen to $45.31 over the past nine months.
CCD director Vallejos said last month that legalizing recreational marijuana in New Mexico does more than just condemn the use of the plant. More importantly, reforming cannabis policy will bring new economic opportunities to the state.
“I think there was pressure from people wanting to legalize adult-use cannabis.” Vallejos said“But there was also an opportunity for economic growth.[s] But that’s just another arrow in our quiver as we diversify our economy. ”