New Mexico Achieves Record-Breaking Cannabis Sales in December

LOS ANGELES— New Mexico’s cannabis market has set a new monthly sales record in December, with total sales surpassing $50.4 million, a significant milestone in the state’s burgeoning legal cannabis industry. The latest figures released by the New Mexico Cannabis Control Division reveal a robust growth trajectory, with the state’s total cannabis sales since market inception exceeding $900 million.

The record-breaking December sales included $37.4 million from adult-use cannabis, marking the highest figure for the state since the commencement of the adult-use market in April 2022. Additionally, the medical cannabis sector contributed $12.9 million, showing a notable increase from previous months, despite a general downward trend since the introduction of adult-use sales.

The cumulative sales for 2023 reached an impressive $555.8 million, with the all-time total hitting $915.8 million, including $608.4 million from recreational use and $307.4 million from medical use. This growth pattern reflects the dynamic expansion of New Mexico’s legal cannabis market, a trend observed in several states with recent legalization.

Prior to December’s achievement, the record for recreational cannabis sales was held by August 2023, with $34.8 million, supplemented by $13.4 million in medical sales. The state has consistently surpassed the $30 million monthly sales mark since March, indicating a steadily increasing consumer base.

However, medical cannabis sales have seen a decline since the launch of the recreational market, dropping from $17.3 million in April 2022 to around $12 million monthly since September last year. Despite this, the average sale in the medical sector remains higher than in the recreational market, with $51.94 per transaction for medical compared to $42.55 for recreational.

Notably, the record month was driven by a high volume of transactions: 880,663 in the adult-use sector and 250,219 in the medical sector, across the 1,063 operational dispensaries in New Mexico.

Leading the sales figures are cities like Albuquerque, Las Cruces, Santa Fe, and Sunland Park, each reporting over 1 million cannabis transactions.

This surge in cannabis sales in New Mexico is a clear indicator of the growing acceptance and demand for legal cannabis products, reflecting broader trends in the United States. As the state continues to refine its cannabis market, these record figures suggest a promising economic impact and a potential model for other states considering legalization.