New Mexico’s medical cannabis patients racked up more than $200 million in sales last year

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Fresh sales figures have been released for New Mexico’s Medical Cannabis Program, which attracted $92 million in sales revenue during the first six months of 2020. Based on the most recent update, combined patient sales which were recorded by 34 different licensed producers topped $203 million last year.

In comparison with sales figures from 2019, New Mexico’s Medical Cannabis Program experienced revenue growth of $74 million in 2020. This is a 57 percent increase from the previous year; something that has been influenced by increased patient enrollment.

The number of registered medical cannabis consumers inflated by 30 percent during a one-year period growing from 80,257 patients as of December 31, 2019, to 104,655 patients as of December 31, 2020.

According to the New Mexico Department of Health (NMDOH), the jump in patient enrollment throughout 2020 24,398 signifies the single greatest increase since the program first launched.

Sales of medical cannabis in New Mexico: An overview of 2020 transactions 

The top five providers of medical cannabis in New Mexico, of which there are 34, constituted 55 percent of reported patient sales last year 49 percent more than the year prior. Conversely, the top 10 providers accounted for 74 percent of patient sales in 2020.

Taking the lead with almost $40 million in patient sales was New Mexico’s leading cannabis company, Ultra Health. 

Listed below is an overview of sales figures recorded by the state’s top five medical cannabis providers in 2020:

  • Ultra Health – This provider recorded sales of $39,522,044 in 2020. Revenue jumped 100 percent from the $19,750,988 that was accrued in 2019.
  • PurLife – This dispensary operator pulled in $23,120,494 last year. In comparison with the $15,944,288 recorded in 2019, the figures for 2020 represent a 45 percent increase. 
  • R. Greenleaf – Another operator that led the way for New Mexico’s patient sales last year was R. Greenleaf, which recorded 77 percent sales growth from 2019 ($11,888,647) to 2020 ($20,978,619).
  • Pecos Valley – This premier medical cannabis and CBD dispensary serves customers at various locations across New Mexico. Sales topped $16,075,150 in 2020, illustrating a 119 percent increase from the $7,338,780 recorded in 2019.
  • Verdes – Transactions accumulated in Verdes’ North Albuquerque Acres and North Valley locations totaled $8,394,441 in 2019, before jumping 36 percent to $11,403,356 in 2020.

Interestingly, state officials attribute the rise in New Mexico’s medical cannabis transactions to the coronavirus pandemic. In March of last year, when the virus began to seep across the U.S., patients began panic-buying and stocking up on their medicine. This buying behavior appeared to continue through the fourth quarter of the year, according to analysts.

Ultra Health is New Mexico’s leading cannabis company

It comes as no surprise that Ultra Health has managed to pull in the most sales for New Mexico’s medical cannabis program. The company prides itself on being the largest vertically-integrated medical cannabis provider in the United States. 

At the current time, Ultra Health operates 22 dispensary locations across the state, with an additional 10 stores set to open their doors during the first quarter of this year. Included in the company’s product range are sublingual tablets, oils, pastilles and suppositories. 

Ultra Health is also affiliated with Israeli pharmaceutical group Panaxia, through which it distributes smokeless cannabis products, such as transdermal relief patches, vaginal suppositories and topical creams.