News Update: First Weekend Cannabis Sales in New Mexico Reach $5.2 Million

NEW MEXICO – Coming off of a record-breaking first day, cannabis sales in New Mexico of adult-use sales topped $5.2 million throughout the first weekend, according to data from the Cannabis Control Division.

Between the time cannabis sales became legal at midnight last Friday and 11:59 p.m. on Sunday, retailers reported $3,522,811.27 in adult-use sales. Medicinal cannabis brought in $1,696,764.46, bringing the total amount to $5,219,575.73.

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

Director of the Cannabis Control Division, Kristen Thomson, believes the success of the first weekend is due to preparedness and cooperation between cannabis regulators and retailers.

“In every state that launched adult-use sales before New Mexico, some retailers sold out on opening day. In New Mexico, that was simply not the case,” said Thomson. “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.”

As of April 1st, New Mexico issued 252 retail cannabis licenses. They cover nearly 250 locations across the state.

Early projections suggest the cannabis industry could generate over $300 million in annual sales and create more than 11,000 jobs. New Mexico is also projected to gain $50 million in state revenue in the first year.

 

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