Cannabis retailers in New Mexico have sold just over $1 billion worth of cannabis products since the state’s adult-use legalization policy was enacted, according to data from the New Mexico Regulation and Licensing Department’s Cannabis Reporting Online Portal.
About two-thirds of the sales have been adult-use transactions with the remaining third going through the state’s medical cannabis program. Notably, the official sales tracker only covers legal cannabis sales since the New Mexico adult-use market launched in April 2022. The state did not previously track medical sales.
“This is a huge milestone for New Mexico’s cannabis industry,” said Regulation and Licensing Department Superintendent Clay Bailey in a Marijuana Moment report.
“Consumers have proven that they support this industry and the businesses that have worked hard to put our state on the map when it comes to legal, regulated cannabis sales.” — Bailey, via Marijuana Moment
December 2023 was the state’s top-selling month with $37,470,309 in adult-use sales. Medical cannabis sales meanwhile have steadily decreased since adult-use legalization took effect.
Gov. Michelle Lujan Grisham (D) signed a bill last week to strengthen industry regulations by cracking down on unlicensed and out-of-state cannabis products and closing a loophole that allowed some applicants to avoid the industry’s federal background check requirements, KRQE reports.
Adults in New Mexico aged 21 or older are allowed to grow up to six cannabis plants at home.
Get daily cannabis business news updates. Subscribe
End
