John SchroyerThe New Mexico cannabis industry surpassed the $1 billion sales mark as of March 5, Gov. Michelle Lujan Grisham announced this week.
Although medical marijuana was legalized in the state back in 2007, the Land of Enchantment launched its recreational cannabis market on April 1, 2022, meaning the $1 billion threshold was reached in less than two years since adult-use sales began, the governor said in a press release.
Total sales through the end of February, according to the state Cannabis Control Division, rang in at $1,010,122,710.25.
In that timeframe, New Mexico dispensaries sold $678.4 million in adult-use marijuana and another $331.6 million worth of medical cannabis. The state has overseen 21 million customer transactions and collected more than $75 million in marijuana tax revenue.
Last month, the industry contributed $47.9 million in sales to the $1 billion total, including $35.6 million in recreational and another $12.3 million in medical sales from just over 1 million customer transactions, according to data from the CCD.
The state’s largest city, Albuquerque, is by far the leading sales hub, with $202 million in recreational marijuana sales conducted in its boundaries since 2022. Sunland Park, which neighbors El Paso, Texas, came in second place with $57.4 million in adult-use sales.
Several other small towns, including Las Vegas, Silver City, and Deming, all sold more than $5 million in recreational cannabis since 2022, the governor said.
“This is a huge milestone for New Mexico’s cannabis industry,” Lujan Grisham said in the release. “Nearly two years after beginning sales, New Mexico is on the map as a premier hub for legal and safe cannabis and the thriving business community that comes with it.”
As of March 1, New Mexico boasted 2,873 cannabis business licenses, including:
- 1,050 retailers
- 878 manufacturers
- 459 micro producers
- 402 regular producers
- 54 couriers
- 23 consumption lounges
- 6 testing labs
- 1 research laboratory
