Legal adult-use cannabis sales in New Mexico transcend medical cannabis sales

During the first weekend of adult-use cannabis sales in New Mexico, the state generated $5.2 million in revenue.

This is according to the Cannabis Control Division of the Regulation and Licensing Department, which issued a report on Monday, April 4.

On Friday, April 1, when adult-use cannabis sales officially kicked off in New Mexico, the state recorded almost twice the amount that Colorado one of the biggest U.S. cannabis markets logged on launch day January 14.

New Mexico’s launch of recreational cannabis has been one of the most successful, if not the most, of any state,” said state Governor Michelle Lujan Grisham. 

“Not to mention that we beat Colorado’s numbers for first-day sales. New Mexicans demonstrated the strength of the demand for this exciting new industry, and it is clear that adult-use cannabis is going to be a contributor to our diverse state economy,” she added.

How much money did New Mexico’s cannabis market make on the first day of legal sales?

From midnight on Friday, April 1 to 11:59 p.m. on Sunday, April 3, New Mexico’s licensed cannabis retailers recorded $5,219,575.73 worth of legal transactions. It should be noted that this amount included both medical and adult-use purchases. 

On the adult-use end of the spectrum, sales amounted to $3,522,811.27. Meanwhile, medical cannabis sales amounted to $1,696,764.46. Combined, the dollars were earned from 87,773 separate transactions that took place in various dispensaries across the state.

“In every state that launched adult-use sales before New Mexico, some retailers sold out on opening day,” said Director of the Cannabis Control Division, Kristen Thomson. “In New Mexico, that was simply not the case. Customers and patients across the state were all able to get the products or medicine they wanted and needed. Through careful regulatory planning hand-in-hand with industry, New Mexico cannabis producers have done something that’s never been done before. This weekend’s successful launch is something we can all be proud of.”

New Mexico’s adult-use cannabis market did not face any technical hiccups on launch day

Unlike a number of other states that got off to a slow start with their legal cannabis programs, New Mexico’s adult-use cannabis market did not stumble whatsoever. 

The landlocked state’s seed-to-sale tracking system, BioTrack, managed to work without any technical errors or glitches. The same could not be said for Oklahoma, where sales were delayed after the state’s seed-to-sale system suffered implementation problems.

After receiving Gov. Grisham’s signature, the Cannabis Regulation Act (CRA) became effective on June 29, 2021. As per the legal language, recreational cannabis sales were set to begin no later than April 1.

When sales began on that long-awaited Friday, a total of 151 retail licenses had been awarded. Those licenses covered almost 250 unique locations.

The new legal cannabis industry in New Mexico is forecast to turnover over $300 million in annual sales, create 11,000+ jobs and generate at least $50 million in state revenue during the initial year of operation.