Adam JacksonNew Mexico’s cannabis industry recorded $52.5 million in total sales for March, a new monthly record, according to the latest data released by the state’s Cannabis Control Division.
The March sales were driven by strong performances in both the adult-use and medical sectors. Adult-use cannabis sales reached $39.5 million, while medical cannabis sales amounted to $13 million. The previous month saw $35.6 million in adult-use sales and $12.3 million in medical sales.
The CCD also reported a notable rise in the number of transactions, with 1,180,392 recorded in March, compared to just over 1 million in the previous month. The growth likely can be attributed to the rising number of dispensaries in the state, which now stands at 1,027, according to the state figures.
Since the start of New Mexico’s regulated cannabis industry nearly two years ago, total sales have surpassed $1.06 billion, with $718 million coming from the adult-use sector and $344.7 million from medical cannabis sales.
Albuquerque, the state’s largest city, has been a significant driver of the industry’s success, accounting for more than $352.5 million in total sales. Other cities, including Alamogordo, Carlsbad, Las Cruces, and Rio Rancho, have also seen considerable sales volumes.
The CCD started to crack down more on illegal activities last year in response to broader concern about market enforcement.
The agency earlier this year said it doubled its compliance staff in July 2023 and performed more than 1,000 inspections of licensed cannabis businesses in 2023 alone.
