Regulated gross sales of hashish in New Mexico topped greater than $40 million for the month of December, with recreational marijuana gross sales setting a brand new report 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 business and regulators.
“I don’t know precisely what attributed to definitely the rise each in medical and leisure, as a bump up in December, nevertheless it was type of shocking 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 circulate 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 the usage of marijuana for adults and making a framework for regulated gross sales of adult-use hashish. Solely a 12 months later, in April 2022, licensed gross sales of leisure marijuana started at regulated dispensaries within the state.
Because the 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 price of gross sales, leisure marijuana gross sales in New Mexico are prone to prime $300 million within the first full 12 months of regulated adult-use hashish gross sales.
Ben Lewinger, the manager director of the New Mexico Hashish Chamber of Commerce, stated that December’s leisure gross sales numbers illustrate how small cities are making the most of the financial alternatives related to the state’s latest business.
“That is very spectacular on a statewide, macro degree, however I believe what’s extra indicative of the early success of this business is if you have a look at smaller, rural communities,” Lewinger stated. “Locations like Alto, Cloudcroft, Raton and Tularosa every boast greater than 10,000 whole 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, significantly these which are close to the Texas border, have proven robust beneficial properties in month-to-month leisure marijuana gross sales for the reason that April launch. Sunland Park had its greatest month to this point 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 report for town. Medical marijuana gross sales added one other $6 million to town’s general whole 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 exhibiting up to now and Las Cruces seeing its second-highest month-to-month whole.
Gross sales of leisure marijuana have dominated New Mexico’s hashish business for the reason that April launch, representing about 65% of whole gross sales {dollars} and about 68% of all dispensary transactions. However medical marijuana sufferers spend more cash per go to, with the typical medical hashish transaction within the state coming to $52.57. By comparability, the typical 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 the usage of the plant. Extra importantly, hashish coverage reform presents new financial alternatives for the state.
“I believe there was a push by the individuals who wished to have legalized, adult-use hashish,” Vallejos said. “However there was additionally alternative for financial progress. … I don’t wish to faux like hashish goes to be oil and gasoline — the state isn’t going to depend on hashish income to fund large quantity[s] for faculties — however as we diversify our financial system, it’s simply one other arrow within the quiver.”
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