New Mexico cannabis businesses bring in nearly $10 million in first week

The Cannabis Control Division of the Regulation and Licensing Department on Friday released data from the first week of adult-use cannabis sales showing that from April 1-April 7, cannabis retailers generated a total of $10 million in sales statewide, with Albuquerque and Las Cruces topping the list of sales by city.

“New Mexico was ready for this historic opportunity to end prohibition,” said Cannabis Control Division Director Kristen Thomson. “Whether it’s people moving from the illicit market to the safe, regulated legal market or brand-new customers excited to try high-quality New Mexico products for the first time, New Mexicans supported cannabis businesses in record numbers this week.”

Between 12:00 a.m. on Friday, April 1, and 11:59 p.m. on Thursday, April 7, cannabis retailers made $$9,998,332.58 medical and adult-use sales combined. Adult-use sales alone brought in $6,127,350,27.

While the state’s largest city saw the highest sales, smaller communities—especially those near the Texas border—saw a lot of business, which will bring dollars right back to their communities.

The Cannabis Control Division says that adequate supply continues to be available for consumer and patients, thanks to the careful planning between the state and industry.

“In every state that launched adult-use sales before New Mexico, some retailers sold out on opening day or ran low during the first week,” Thomson said. “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 week is something we can all be proud of.”

Other states have also seen statewide seed-to-sale tracking system problems that limited or halted sales altogether. Again, New Mexico did not experience those problems and the statewide system worked without a hitch throughout the week.

Thomson is thrilled with the opening week sales and looks forward to seeing the market develop moving forward.

“This is just the beginning,” Thomson said. “Over time, the cannabis market in New Mexico will continue to grow, bringing more craft New Mexico products to consumers. The future is bright.”

The Cannabis Regulation Act, passed by the Legislature and signed by the Governor last year, called for sales of adult-use cannabis to begin no later than April 1. The new industry is projected to generate $300 million annually in sales, create 11,000 jobs and bring in $50 million in state revenue in the first year alone.