New Mexico Pot Sales Hit Record in October

Regulated cannabis sales in New Mexico reached record levels in October, with marijuana license sales totaling nearly $40 million for the month, according to data released last week by the state’s Cannabis Control Division (CCD). reached. October was the fourth straight month of record-breaking weed sales in New Mexico, where dispensaries began regulated sales of adult-use cannabis in April.

Monthly cannabis sales hit $39.8 million in October, making recreational marijuana sales over $25 million for the first time in New Mexico. by CCD data updated on thursday. But medical marijuana sales have fallen, dropping to $14.7 million last month, the new lowest level since adult-use cannabis sales began earlier this year. Sold $61 million in recreational marijuana.

New Mexico regulator launches new online data portal

Updated cannabis sales figures were provided via the state’s new cannabis reporting online portal, which went live Thursday afternoon. In addition to providing data on cannabis sales, the portal also provides other information about New Mexico’s cannabis industry, such as the number of licensed dispensaries operating in the state.

“A few months ago, CCD saw an opportunity to provide more information about New Mexico’s cannabis industry through a data portal similar to that of other states.” Bernice Geiger said, spokeswoman for the New Mexico Department of Regulation and Licensing. “We were able to take the data from the seed-to-sale software and disseminate it further in an intuitive and customizable graphical format.”

Adult-use cannabis sales were especially strong in towns near the borders of New Mexico and Texas, where recreational marijuana is still illegal. At Sunland Park, recreational marijuana sales hit him over $1.5 million in October. This is a new record for a town with just 20,000 residents. Hobbs, located along the West Texas border, also had a record-breaking month with $1.47 million in adult cannabis sales. A dispensary in Clovis, also on the West Texas border, reached $731,000 in recreational marijuana sales last month.

Riley White, associate professor at the University of New Mexico Anderson School of Management, said: albuquerque journal As long as recreational marijuana remains illegal in neighboring Texas, cannabis sales are likely to continue to boom in New Mexico’s southern and eastern border towns.

“Monthly cannabis sales are likely to continue to grow as the market matures,” White said, adding that recreational marijuana sales began earlier in New Mexico in the Colorado border town. Since then, sales have declined, he said. this year.

An influx of tourists visiting New Mexico for the 50th Annual Albuquerque International Balloon Fiesta has also boosted sales of adult-use cannabis, with thousands arriving in the first nine days of October, White said. Recreational marijuana sales in Albuquerque reached $8.1 million in October, setting a new city record.

“Balloon Fiesta provided a positive increase in sales for local cannabis companies as increased tourism encouraged recreational use,” he said. “The big test ahead for the industry will likely be macroeconomic conditions in 2023. How will consumers cut back on recreational cannabis in the event of a recession?”

Decline in sales of medical marijuana

Medical marijuana sales in New Mexico continued to decline despite strong sales of adult cannabis. Duke Rodriguez, president and CEO of medical cannabis provider UltraHealth, said the decline in medical marijuana sales was likely due to patients getting cannabis from recreational marijuana dispensaries. said.

“Medical sales will be reclassified into adult sales,” Rodriguez said. “They’re just being moved from one bucket to another.”

Ben Lewinger, executive director of the New Mexico Cannabis Chamber of Commerce, said medical marijuana sales have declined in other states following the legalization of cannabis for adult use. According to New Mexico Department of Health data, the number of medical marijuana cases in the state fell by 473 in the year, and the total number of cases in September fell to 123,990.

“We knew the number of enrolled medical patients would shrink, just like any other medical condition that has transitioned to adult use,” said Lewinger. “Importantly, we continue to invest in medical programs by continuing to add eligibility criteria so more people can get cannabis treatment without paying taxes on the drug.”

In August, after the state opened record-breaking cannabis sales for a fourth straight month, New Mexico Governor Michelle Lujan Grisham commented on the economic opportunities presented by regulated adult-use cannabis.

“These figures show that the impressive sales generated in the first month of legalized recreational cannabis sales were no fluke, and this is just the beginning.” Grisham said in a statement from the Governor’s Office. “We will establish new industries that already generate millions of dollars in local and state revenue, continue to generate millions more in economic activity statewide, It will create thousands of jobs for New Mexicans.”