New Mexico’s legal marijuana market sales have topped $1 billion in less than two years since the introduction of the adult-use market. Those figures include medical and recreational marijuana sales.
According to recent data released by the New Mexico Regulation & Licensing Department (NMRLD), this amount includes $678.5 million from adult-use cannabis across approximately 15.7 million transactions and $331.6 million from medical marijuana sales through around 6.5 million transactions.
The record-breaking sales figure is based on the latest monthly cannabis transaction data provided by the NMRLD, which also noted that February saw $35.7 million in recreational sales and $12.3 million in medical sales.
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As of February, there are 1,050 retail marijuana outlets operational within the state.
December 2023 marked a record month for New Mexico’s adult-use cannabis market, generating $37.5 million in sales. A significant portion of the state’s cannabis market revenue is attributed to tourists, particularly those coming from Texas, due to its proximity and the legal restrictions in their home state.
Albuquerque leads in recreational marijuana sales with a total of $202.5 million. Following closely are Sunland Park and Las Cruces, both near the El Paso, Texas border, with cumulative recreational sales of $57.4 million and $45.4 million, respectively, highlighting the influence of cross-border shopping on New Mexico’s market.
New reports indicate that the New Mexico distributor of the product “Undoo” is selling the new trio of supplements aimed at counteracting the effects of Tetrahydrocannabinol (THC) that come from smoking or consuming marijuana.
Assurance Laboratories, which sells the product under its operations and legacy operator Pecos Valley Production, says the product is expected to grow in distribution.
Tim George, the COO of Assurance Laboratories, told the Albuquerque Journal the products “include olive oil, the organic compound olivetol and vitamin E — the latter of which acts as a preservative for the trio of products that come in gel capsule form.”
The company sells its “relief” product, which is marketed as a “cannabis companion” for when the drug is “too strong,” its “refresh” product, listed as a “daily after-cannabis ritual” for when there is “lingering fogginess,” and a “reset” product called the “high tolerance solution” for “lowering your tolerance to THC.”
Since marijuana became legal in New Mexico in April 2022, New Mexico has seen over $300 million in sales, with $2.82 million in pot sales alone on this year’s “420” holiday that praises pot consumption.
It is unclear if the Undoo products will affect the sales of marijuana in New Mexico, either to go higher or lower, due to the purported effects of the compounds.
On April 20, marijuana smokers, dispensaries, and advocates celebrated the “420” holiday that praises the consumption of pot. In New Mexico, the formerly contraband drug was legalized beginning on April 1, 2022.
In 2022, New Mexico pot sales on the unofficial stoner holiday hit $1.12 million, according to Albuquerque Business First. However, in 2023, those numbers grew exponentially.
New Mexico sales of marijuana on April 20, 2023, rose 86 percent from last year to hit $2.82 million.
“This year’s 4/20 average transaction total was $50.28, up from the March average of $44.60. Hobbs recorded the highest average transaction size at $94.96,” reported the outlet.
The sales increase may also have something to do with the jump in dispensaries in the state, with 1,421 retail licenses in 69 towns in 2023 versus 681 stores operating in 37 towns in 2023.
The massive jump in sales also meant a 124.72 percent jump in transactions from last year to now, with 22,402 transactions in 2022 versus 50,342 transactions in 2023.
Software company Akerna noted that nationwide, 420 pot sales ballooned to $154.4 million in 2022, with that number rising to over $192 million in 2023, according to Cova.
On Tuesday, the New Mexico Legislature will reconvene at the behest of Gov. Michelle Lujan Grisham to reconsider a bill legalizing recreational marijuana. However, there is much confusion about what the bill under consideration is going to cover since conflicting pieces of legislation have been distributed to state legislators. One draft appears to grant minors access to marijuana through a loophole.
Sen. George Munñoz (D-Cibola, McKinley, and San Juan) told the Santa Fe New Mexican, “They were supposed to send us a copy of it today. I really don’t know what it’s going to look like. Every time I went to read one [a cannabis bill] during the session, every four hours they had a different bill.”
Sen. Joseph Cervantes (D-Doña Ana), who serves as chairman of the Senate Judiciary Committee, said, “Nobody is saying the bill is ready and should be passed from top to bottom.”
On Monday, Cervantes tweeted out, “To those calling and messaging me on marijuana legislation for special session tomorrow. I’m told we’ll get a new rewritten bill today, which addresses all issues I and others identified in our Judiciary Committee hearing during the regular session.”
To those calling and messaging me on marijuana legislation for special session tomorrow. I'm told we'll get a new rewritten bill today, which addresses all issues I and others identified in our Judiciary Committee hearing during the regular session.
According to the Carlsbad Current-Argus, Cervantes said the bill might be split in two, with one portion dealing with recreational marijuana legalization, while another deals with “social justice” aspects to expunge records of past drug offenses.
“You can understand how some legislators might vote for the licensing bill, but be against criminal justice reforms; and conversely, some vote the criminal justice reforms and against the licensing bill,” Cervantes said. “There are some Republicans who have said they support the principle of legalization, but may have problems expunging records and letting people out of jail.”
However, there is no certainty the bill will have the support to pass the Senate, with the Santa Fe New Mexican warning of how risky prior special sessions called by governors have been, notably Gov. Gary Johnson, who reconvened the Legislature to fix budgetary issues while falling short on a push to “close a loophole in state gasoline tax law that allowed Indian tribes to sell wholesale gas tax-free.”
“There are plenty of ideas and, with Easter approaching, precious little time. We’ll see whether legislators can build a new industry, or just blow smoke,” wrote the New Mexican’s editorial board.
Senator Gregg Schmedes (R-Bernalillo, Sandoval, Santa Fe, and Torrance) shared on his Facebook page what appears to be a Democrat version of the marijuana bill in contention, where it reads “It is not a violation of the Cannabis Regulation Act when: a parent, a legal guardian or adult spouse of a person under twenty-one years of age serves cannabis products to that person under twenty-one years of age on real property, other than licensed premises, under the control of the parent, legal guardian, or adult spouse.” Schmedes wrote, “Apparently Dems like the idea of giving marijuana to minors. Might want to talk to the CDC or WHO or just about any doctor first.”
Also concerning members of the New Mexico Senate is whether Pro Tem Mimi Stewart (D-Bernalillo) will force “sensitivity training” down members’ throats after she was distraught after debating Sen. Daniel Ivey-Soto over a bill regarding paid medical leave. She couldn’t answer basic questions about her bill and claimed Ivey-Soto was “abusive.”
One Republican senator told the Piñon Post that he would reject the training if asked to do it. The senator wrote, “Ha. I will refuse. I don’t force them to do common-sense training.”
As the special session approaches, the Governor has made it crystal clear that she is not taking “no” for an answer, and the recreational pot industry has made it clear that “social justice” provisions of the bill are “absolutely required.”
House Republican Leader Jim Townsend said in a statement, “The past sixty days have been defined by the Governor and Democrats silencing the voice of the people, and the silence has become deafening following the crash and burn of their pot bill.”
“If legalizing marijuana is truly about the people, you would think that New Mexicans from all walks of life would have the opportunity to contribute to the process, especially when it failed so miserable[y] at the last minute due to too many cooks in the kitchen. Transparency is key to the public good, and so far all I can tell you is that transparency in this building is on shaky ground.”
