Cannabis Sales Trends: August 2023 Updates From New Mexico To Colorado

Southwest Cannabis Market Heats Up: New Mexico's August 2023 Sales Data

• The medical cannabis market in New Mexico recorded sales of $13.5 million generated from 267,207 medical transactions.
• The adult-use cannabis market exhibited robust performance, with sales totaling $35.4 million during the same period, resulting from a total of 828,715 transactions.
• State data show that medical and adult-use sales combined generated a total revenue of $48,233,057.38

Learn more about the latest trends in cannabis markets at the upcoming Benzinga Cannabis Capital Conference in Chicago this September 27-28 for its 17th edition. 

Highlights From August

The cumulative number of cannabis transactions conducted in New Mexico during August 2023 reached 1,095,922. This indicates a high level of consumer engagement and suggests that the cannabis market is becoming increasingly mainstream.

The high number of transactions, exceeding one million, underscores the popularity and acceptance of cannabis products among the state's residents. This presents a valuable opportunity for businesses operating in the cannabis sector to expand their market share and cater to the diverse needs and preferences of consumers.

The presence of over 1,000 dispensaries reflects a competitive landscape in which consumers have a wide array of choices. This competition likely drives innovation, quality and customer service within the industry.

July 2023 Insights From Colorado

Colorado's marijuana sales in July remained stable, but recreational dispensary sales declined by over 10% compared to the previous year, according to the state Department of Revenue (DOR).

Combined medical and recreational marijuana sales reached approximately $137.3 million in July, down 11% from July 2022.

Despite the annual decline, medical sales increased from $14.6 million in June to $16 million in July, and recreational sales rose from about $116.7 million in June to $121.3 million in July.

The industry experienced a surplus of products and increased competition from newly legalized states, impacting wholesale prices and employment. However, some optimism exists with rising sales of extracted products like rosin and solventless hash, reported Thomas Mitchell for Westword.

The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this September 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo by Álvaro Serrano on Unsplash.