Opening Weekend Cannabis Sales in New Mexico Reach $4.5M

New Mexico cannabis retailers sold more than $4.5 million worth of adult-use products during the state’s opening weekend.

Full story after the jump.

Cannabis sales during New Mexico’s opening weekend surpassed $4.5 million, with more than half – $2.7 million – sold on Friday alone, KOAT Action News reports. Sales commenced at 12:01 a.m. on Friday and by Sunday at 12:30 p.m. sales had reached the $4.5 million mark.

Nearly 70% of the sales figures were from recreational sales, according to Cannabis Control Division figures outlined by KOAT.

Steve Pear, president of the New Mexico Division of Schwazze, said his shop had about 10 people in line at 7:00 a.m. and when he returned at around 11:30 p.m. there were about 500 people in line. He said that the first day of adult-use sales “over-delivered.”

“All at least doubled their business and we even had one of our stores to ten times what they normally do in a day on Friday.” – Pear to KOAT

Pear added that he expects a “surge” through the 4/20 holiday – which celebrates cannabis and has shown to drive sales in states where cannabis is legal.

Currently, there are just 35 legacy operators in the state, but state cannabis regulators have issued more than 230 new industry business licenses so far, NPR reports.

Under the state’s legalization law, consumers can buy to up 2 ounces of cannabis, and local governments cannot outright ban cannabis businesses; although they can limit where they can be located and their hours of operation. Public use is prohibited and can lead to a $50 fine for first-time infractions.

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