New Mexico’s Adult-Use Cannabis Market Surpasses $300 Million in Sales for First Year of Operations
LOS ANGELES– New Mexico’s adult-use cannabis market has hit an impressive milestone by generating over $300 million in sales within its first year of operations, starting from April 1, 2022. Governor Lujan Grisham’s office announced that there are now 1,906 cannabis companies operating in the state, including 633 retailers, 351 producers, 415 microproducers, and 507 manufacturers. The Albuquerque Journal reports that the market is off to a strong start, with the record high of $32.3 million in monthly sales achieved in March.
The governor congratulated the cannabis industry for its achievement, calling it an economic milestone and expressing excitement about the future. Although Albuquerque, Las Cruces, and Santa Fe recorded the highest sales, the state’s border towns with Texas have also been reaping the benefits. Sunland Park, bordering El Paso, reported $19.4 million in recreational cannabis sales, largely due to visiting Texans.
However, the growing number of cannabis stores has raised concerns about market oversaturation. New Mexico’s low population and high number of cannabis stores has resulted in fierce competition among businesses. Industry insiders report that many companies are already struggling to stay afloat. Jon Updegraff, a medical marijuana executive at Verdes Cannabis, stated that competition is stiff, with more cannabis stores than both Starbucks and McDonald’s combined in the Albuquerque area alone.
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