Another Record-Breaking Month For New Mexico's Cannabis Industry, Here's How Much Retailers Garnered In March

Following a record-breaking first full year of cannabis sales in New Mexico where figures surpassed half a billion dollars, retailers statewide seem to be having their hands full, in a good way, in 2024.

March hit a new monthly record of $52.5 million in combined cannabis sales, including a record $39.4 million worth of recreational marijuana products sold and $13 million from medical sales, according to data from the Regulation and Licensing Department's Cannabis Control Division. Retailers saw roughly 1.2 million transactions in March.

The new release figures beat the previous record of $50.5 million in combined sales New Mexico saw in December.

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Since April 2022, when adult-use cannabis shops debuted, the state has earned $1.06 billion in total sales, with medical cannabis accounting for around $344.7 million and nearly $718 million in recreational marijuana sales.

Meanwhile, Senate Bill 6 from Sen. Katy Duhigg designed to “clean up and address unintended consequences” of the state’s cannabis law was signed by Gov. Michelle Lujan Grisham a month ago.

The bill was amended by Sen. Jeff Steinborn to allow marijuana businesses to offer their services at drive-thru windows in February.

Other changes to the bill that state senators enforced included establishing procedures for background checks, exempting retailers from proving they have water rights and enabling liquor licensees to obtain a cannabis retail license, though both products cannot be sold at the same location.

In addition, a proposed amendment creating a moratorium on new licenses failed.

Now read: Cheech And Chong Bring Weed To New Mexico Via Local Brand Partnership

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