New Mexico Nears $2 Billion Cannabis Sales Milestone as September Sales Reach $44.3 Million
Adult-Use Cannabis Continues to Drive Record Growth Across the State
September cannabis sales in New Mexico reached $44.3 million, with adult-use marijuana accounting for $34.2 million of the total, according to data released by the New Mexico Cannabis Control Division. The figures reflect the continued strength of the state’s recreational market, which has been a major driver of growth since legalization.
Recreational Sales Projected to Surpass $530 Million in 2024
According to projections from the MJBiz FactBook, New Mexico’s adult-use cannabis sales are on pace to reach $530 million by the end of 2024. This would mark another major milestone for the state’s cannabis program, which launched in 2022 and has quickly become one of the strongest emerging markets in the Southwest.
Total Cannabis Sales Expected to Exceed $2 Billion by Year-End
New Mexico’s cannabis industry is on track to surpass $2 billion in combined medical and adult-use sales by the end of this year. Since recreational cannabis became legal in 2022, total sales have reached $1.9 billion, according to a KRQE News analysis of the state’s Cannabis Control Division data.
Of that amount, adult-use cannabis accounts for approximately $1.3 billion, while medical cannabis sales contribute around $554 million. The rapid growth of the adult-use segment has reshaped the state’s cannabis landscape, leading to increased investment, tax revenue, and employment opportunities.
Albuquerque Leads in Cannabis Sales, Followed by Sunland Park and Las Cruces
Geographically, Albuquerque remains the leader in total cannabis sales, driven by its population size and dense concentration of dispensaries. Sunland Park, located along the Texas border, continues to post strong figures, largely fueled by cross-border traffic from neighboring states where recreational cannabis remains illegal. Las Cruces ranks third, reflecting strong demand in southern New Mexico.
New Mexico Needs Just $68 Million More to Reach the $2 Billion Mark
To officially cross the $2 billion milestone, the state needs an additional $68 million in cannabis sales. With monthly averages from January through September hovering around $47 million, New Mexico appears well-positioned to hit the benchmark by December 2024.
The state’s consistent performance highlights both sustained consumer demand and the success of its regulatory framework. The Cannabis Control Division’s ongoing efforts to streamline licensing and support equitable market access have also contributed to the industry’s steady expansion.
Thousands of Businesses Fuel the State’s Cannabis Economy
As of December 2023, New Mexico had 3,071 approved adult-use cannabis business licenses, covering cultivation, manufacturing, distribution, and retail operations. This widespread participation has helped create thousands of jobs and generate millions in tax revenue for local governments and public programs.
Industry Outlook: Continued Growth, But With Challenges Ahead
While New Mexico’s cannabis market is thriving, experts caution that future growth could face challenges related to pricing pressure, market saturation, and regulatory shifts. Additionally, as neighboring states consider legalization, cross-border sales that currently benefit border towns like Sunland Park may eventually decline.
Nevertheless, the state’s market fundamentals remain strong. The combination of steady consumer demand, favorable business conditions, and increasing product diversity positions New Mexico to maintain momentum through 2025.
A Milestone Year for Cannabis in New Mexico
If projections hold, New Mexico will close 2024 with more than $2 billion in cumulative cannabis sales, a remarkable achievement for a market that launched just two years ago.
For state officials and business owners alike, this milestone underscores both the economic potential and the importance of maintaining a well-regulated, inclusive cannabis industry.
As New Mexico’s cannabis economy continues to mature, the focus is expected to shift toward sustainability, social equity, and innovation, ensuring that the industry’s growth benefits communities statewide.
OG source
Download Article
