NM Cannabis sales exceed $1B
New Mexico’s cannabis market has grown significantly since recreational marijuana use became legal in the state in 2021. In March, sales surpassed $1 billion. This milestone was commemorated in conjunction with the 4/20 cultural phenomenon, with a number of nearby cannabis stores organizing celebrations that included food trucks and exclusive deals. Dispensaries appear to be everywhere in the state due to easy licencing requirements and licence availability; store managers like Brittany Struck have seen that the number of shops is rising, especially in places like Taos.
A 4/20 party was hosted at the newly opened Dreamz Dispensary in Albuquerque, which highlighted the benefits of medical cannabis for a range of ailments. The store opened in September. Narratives abound regarding the medicinal properties of cannabis for conditions like Tourette’s syndrome, ADHD, anxiety, cancer, and OCD. Dreamz Dispensary specialist Mary Galaviz emphasizes the value of having staff members, “Cannabinerds,” with expertise who can answer questions about the many health advantages of cannabis products. She also points out that dispensaries differ in this area.
The Cannabis Reporting Online Portal reports that sales of cannabis in New Mexico in June of this year were more than $48 million, with over $36.6 million going toward sales for adult rec use. There seems to be a sufficient demand for cannabis, even with the state’s expanding number of cannabis shops—especially on days like 4/20 and 7/10. Struck contends that knowledge of the market, legal requirements, and commercial operations are essential for success in the field.
Comparing the data from the Cannabis Reporting Online Portal to prior years, it is clearly evident that sales have significantly increased. Sales for adult non-medical use came close to $32.5 million in March 2023, while sales for medicinal use came in at just over $15 million. In contrast, sales for adult usage were little over $22 million in April 2022, while sales for medicinal purposes were slightly higher at over $17 million. This pattern highlights how cannabis use is changing in New Mexico, as sales for recreational use are increasing concurrently with medical use.
Since legalization, New Mexico’s cannabis market has been booming overall, with sales hitting major benchmarks and a growing number of outlets serving both recreational and medical customers. There are still issues to be resolved, like making sure employees are knowledgeable and upholding regulations. However, the benefits of cannabis for a range of medical illnesses continue to fuel the industry’s expansion and acceptance insideSince legalization, New Mexico’s cannabis market has been booming overall, with sales hitting major benchmarks and a growing number of outlets serving both recreational and medical customers. Still, the benefits of cannabis for a range of ailments remain a major factor in the industry’s expansion and legalization in the state.