In August, New Mexico witnessed an unprecedented surge in legal marijuana expenditures, marking a new record with combined sales surpassing $48.2 million.
The data, sourced from the Cannabis Control Division (CCD) within New Mexico's Regulation & Licensing Department, reveals robust growth in both medical and adult-use markets.
Adult-use sales in August reached an impressive $34.7 million, a notable 1.8% increase compared to July figures. Meanwhile, medical sales, while still substantial at over $13.5 million, experienced a slight dip of 1.2% from the previous month.
Since the launch of its adult-use market in April 2022, New Mexico has seen a shift in consumer preferences. Recreational sales have continued to surge, while medical sales have seen a decline, resulting in a noteworthy 42.7% growth in adult-use sales compared to the same period last year, coupled with an 18.1% decrease in medical sales.
The state's flourishing marijuana market has been bolstered by a combination of tourist spending and cross-border shopping from neighboring Texas. As of August, New Mexico boasted 1,021 legal marijuana retailers, further fueling the industry's expansion.
With recreational cannabis sales in New Mexico surpassing $300 million within its first year, experts anticipate that this year's adult-use sales could potentially reach an impressive $400 million, underscoring the continued growth and popularity of the legalized marijuana market in the region.