Legal Cannabis Retail Tops $1 Billion in New Mexico

Stephen Andrews
11 Mar 2024

New Mexico is one of the most successful emerging legal cannabis markets in the nation. Beginning of March, The Land of Enchantment reported that sales of recreational and medicinal marijuana products have surpassed $1 billion.

New Mexico launched a legal cannabis market only two years ago. Since then, it has been one of the fastest growing markets in the country. It’s also one of the top three states in the U.S. by the number of newly issued licenses for cannabis businesses in 2023. 

Governor’s Michelle Lujan Grisham office issued a statement on March 5 saying that cannabis users have spent over $678.4 million worth of adult-use marijuana products and $331.6 million in medicinal cannabis since April 1, 2022, which would mean that the total expenditure in New Mexico is now above $1 billion. 

In almost two years of legalization, the state has recorded over 21 million transactions and has generated $75 million in tax money, according to the office statement. 

“This is a huge milestone for New Mexico’s cannabis industry,” Gov. Grisham said in a statement. “Nearly two years after beginning sales, New Mexico is on the map as a premier hub for legal and safe cannabis and the thriving business community that comes with it.” 

Grisham signed New Mexico’s Cannabis Regulation Act in 2021, and the first legal pot shops opened a year later. The signing of the law made New Mexico the 18th U.S. state to legalize recreational use of marijuana. 

In the first year of legalization, New Mexico grossed $300 million in adult-use cannabis retail. Profits have stayed consistently good on throughout the second year as well. 

In its Mar. 5 press release, the governor’s office said that “Albuquerque remains the top city in the state for cannabis sales.” New Mexico’s largest city has alone generated $202 million in adult-use products since April 2022. 

Nevertheless, other New Mexico communities have also benefited from recreational marijuana. 

“Sunland Park, one of the many communities that has been positively impacted by cannabis tourism, recorded $57.4 million in adult-use sales,” adds the statement. 

Smaller communities such as “Las Vegas, Silver City, and Deming have each seen more than $5 million in adult-use sales since April 2022,” the press release revealed.  

In terms of licensing, New Mexico is also one of the most serious players at the moment. The governor’s office noted that as of March 1, New Mexico regulators have granted 2,873 work permits statewide, including 1,050 retail licenses, 878 for manufacturers, and 459 for micro producers. 

Last year, in 2023, New Mexico granted over 600 new licenses for pot businesses, leading the board ahead of New York and Vermont as the state with the most number of newly issued licenses for the legal cannabis sector. 

Also read on Soft Secrets: 

New Mexico Weed Sales Hit $5.2 Million in First Weekend

Successful First Year of Legalization in New Mexico

Cannabis Business Licensing Declined in 2023

Stephen Andrews