Regulated gross sales of hashish in New Mexico topped greater than $40 million for the month of December, with leisure marijuana gross sales setting a brand new file of $28 million for the month. Gross sales of medical marijuana totaled about $15.1 million for the final month of 2022, up from about $14 million in November, in keeping with information launched this week by the state’s Hashish Management Division. The rise over the earlier month reverses a development of declining medical marijuana gross sales posted over the previous 4 months, going again to August.
Andrew Vallejos, the performing director of the Hashish Management Division (CCD), stated that the record-breaking month for adult-use hashish gross sales coupled with a rise in medical marijuana purchases was a welcome shock for the state’s hashish trade and regulators.
“I don’t know precisely what attributed to actually the rise each in medical and leisure, as a bump up in December, however it was form of stunning to us to see how sturdy these numbers have been,” Vallejos said in a press release quoted by the Albuquerque Journal, including “The gross sales (numbers) are fascinating in and of themselves, however what I’m inspired by is the truth that it means a gradual money stream for (companies) to remain open and to make a revenue.”
Leisure Marijuana Gross sales Launched In April
In April 2021, New Mexico Governor Michelle Lujan Grisham signed the Hashish Regulation Act into legislation, legalizing using marijuana for adults and making a framework for regulated gross sales of adult-use hashish. Solely a yr later, in April 2022, licensed gross sales of leisure marijuana started at regulated dispensaries within the state.
For the reason that April launch, gross sales of leisure marijuana in New Mexico totaled greater than $214 million in 2022. For a similar time interval, medical marijuana gross sales totaled about $144.2 million, in keeping with state information. On the present charge of gross sales, leisure marijuana gross sales in New Mexico are more likely to prime $300 million within the first full yr of regulated adult-use hashish gross sales.
Ben Lewinger, the chief director of the New Mexico Hashish Chamber of Commerce, stated that December’s leisure gross sales numbers illustrate how small cities are profiting from the financial alternatives related to the state’s latest trade.
“That is very spectacular on a statewide, macro degree, however I feel what’s extra indicative of the early success of this trade is while you have a look at smaller, rural communities,” Lewinger stated. “Locations like Alto, Cloudcroft, Raton and Tularosa every boast greater than 10,000 complete transactions for the month of December. That’s tax income for these municipalities and their counties, in addition to for the state.”
New Mexico’s small cities, notably these which might be close to the Texas border, have proven robust positive factors in month-to-month leisure marijuana gross sales for the reason that April launch. Sunland Park had its greatest month up to now in December, eclipsing $2 million in leisure marijuana gross sales for the primary time. Hobbs additionally posted robust numbers, with a record-breaking $1.7 million in leisure marijuana gross sales final month. Practically $832,000 in leisure hashish gross sales have been rung up in Clovis in December, the best ever reported within the city of 38,000.
Albuquerque leads the state in leisure hashish gross sales, posting about $8.4 million in gross sales for December, a brand new file for the town. Medical marijuana gross sales added one other $6 million to the town’s general complete for December, bringing it to greater than $14 million. Two cities noticed about $2 million in leisure hashish gross sales in December, with Santa Fe posting the strongest displaying so far and Las Cruces seeing its second-highest month-to-month complete.
Gross sales of leisure marijuana have dominated New Mexico’s hashish trade for the reason that April launch, representing about 65% of complete gross sales {dollars} and about 68% of all dispensary transactions. However medical marijuana sufferers spend extra money per go to, with the common medical hashish transaction within the state coming to $52.57. By comparability, the common leisure marijuana sale got here to $45.31 over the previous 9 months.
CCD director Vallejos stated final month that leisure marijuana legalization in New Mexico isn’t just about destigmatizing using the plant. Extra importantly, hashish coverage reform presents new financial alternatives for the state.
“I feel there was a push by the individuals who wished to have legalized, adult-use hashish,” Vallejos said. “However there was additionally alternative for financial development. … I don’t wish to fake like hashish goes to be oil and fuel — the state isn’t going to depend on hashish earnings to fund large quantity[s] for faculties — however as we diversify our financial system, it’s simply one other arrow within the quiver.”