More than two years after marijuana was legalized for recreational use in New Mexico, sales continue to rise.
The latest figures show that the state collected more than $50 million from the sale of cannabis for recreational and medical use in July, an increase of about $2 million compared to July 2023.
Since opening to all cannabis sales in April 2022, New Mexico has generated more than $1.26 billion from the booming industry, with major cities like Albuquerque, Las Cruces and Santa Fe leading the way.
“The New Mexico cannabis industry officially surpassed $1 billion in combined recreational and medical sales in March 2024,” said Todd Stevens, director of the New Mexico Cannabis Control Division, in an email. “While we continue to see major cities top the list of sales from this new revenue stream, smaller communities in all corners of the state are also reaping the benefits, proving that New Mexicans value the ability to consume regulated cannabis products.”
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Albuquerque has generated over $414 million in revenue so far, while Las Cruces and Santa Fe are at around $90 million.
Close behind the top three, however, is Sunland Park on the border between Texas and New Mexico, which has achieved total sales of over $84.7 million since sales began.
“While we cannot predict market scenarios, the data we receive and release each month shows very clearly that consumers support this industry,” Steven said, “and the licensed cannabis businesses that have worked hard to put our state on the map in terms of a legal cannabis market.”
Summer sales
During the summer months of May, June and July, Sunland Park had the second-highest sales figures in New Mexico, only the more populous Albuquerque outperformed all other cities in the state.
In the top three cities, sales in the last three months were as follows:
- In Albuquerque, sales exceeded $15.7 million in May, $14.7 million in June and $15.1 million in July.
- Sales at Sunland Park exceeded $4.6 million in May, $4.4 million in June and $4.6 million in July;
- Las Cruces ranked third in May and June with over $3.2 million and $3 million, respectively, but was outperformed by Santa Fe, which recorded $3.07 million in July, compared to $3.02 million for Las Cruces.
Sales in other border towns
While nothing compares to Sunland Park’s numbers, other cities along the Texas-New Mexico border have a steady stream of cannabis sales, fueled in part by cannabis tourism that draws people from neighboring Texas and beyond.
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Here’s a look at how nearby cities have performed over the past three months:
- Alamogordo took in more than $1.1 million in May, nearly $1.08 million in June and more than $1.1 million again in July.
- Chaparral generated sales of just under $993,650 in May and just over $1 million in June and July
- Ruidoso followed closely behind with nearly $830,000 in May, slipped to just over $566,300 in June and rose again to over $700,000 in July
- Portales stole just over $408,400 in May, then dropped to just over $370,700 in June and just over $380,000 in July.
Highest sales figures for cannabis dispensaries in New Mexico
There are currently over 700 pharmacies across New Mexico. Here’s a look at the top-selling pharmacies over the past few months:
- Two Sunland Park dispensaries took the top spots in May: Dark Matter with over $1.5 million in sales and Fields of Dreams with nearly $956,000 in sales, followed by Cookies in Albuquerque with nearly $807,000 in sales.
- The same three companies led the way in June, with Dark Matter bringing in nearly $1.5 million, Fields of Dreams raising nearly $926,000, and Albuquerque-based Cookies raking in just over $812,500.
- The trend continued in July, with Dark Matter again grossing nearly $1.5 million, Fields of Dreams grossing nearly $912,500, and Cookies in Albuquerque grossing nearly $804,000.
Not only did Sunland Park pharmacies take the top two spots, they were well attended all summer long.
In May, Pecos Valley Production came in 7th place with total sales of over $619,700, R Greenleaf Organics came in 32nd place with total sales of just over $261,500, and Elevation Cannabis came in 57th place with just under $183,600.
In June, Pecos Valley Production held on to 7th place with over $467,000, R Greenleaf moved up to 20th place with total sales of nearly $290,000, and Prohibition 37 took 61st place with just over $167,700.
In July, Pecos Valley Production secured 9th place with sales of over $472,300, the new Cookies dispensary in Sunland Park came in 23rd with nearly $284,800, and R Greenleaf Organics took 30th place with over $254,200.
There are currently over 700 dispensaries throughout New Mexico.
