Business
New Mexico marijuana sales hit record $48 million in August
Consumers spent a record amount on legal marijuana in New Mexico in August, with combined medical and adult-use sales totaling more than $48.2 million.
August adult-use sales in the state exceeded $34.7 million, a 1.8% increase over July’s sales total, according to data provided by the Cannabis Control Division (CCD) of New Mexico’s Regulation & Licensing Department.
Medical sales totaled more than $13.5 million, a decline of 1.2% from July.
Recreational sales have swelled and medical sales have shrunk since New Mexico launched its adult-use market in April 2022.
Compared to August 2022, adult-use sales in August grew by 42.7% while medical sales declined by 18.1%
New Mexico marijuana sales have been buoyed by tourists as well as cross-border shoppers from neighboring Texas.
The CCD reported 1,021 total legal marijuana retailers in the state as of August.
Recreational cannabis sales in New Mexico surpassed $300 million in the first year of sales.
This year, adult-use sales in the state could be as high as $400 million, according to the 2023 MJBiz Factbook.
Source: https://mjbizdaily.com/new-mexico-marijuana-sales-hit-record-48-million-in-august/