New Mexico officials have celebrated a new milestone in the marijuana industry. Retailers have recorded more than $1 billion of total sales since the start of the adult-use cannabis markets.
According to the New Mexico Regulation and Licensing Department’s Cannabis Control Division, February’s sales totals include more than 35 million dollars in purchases for adult use. This is the second highest monthly amount ever recorded. Medical marijuana sales in the state totaled over $12 million.
The cumulative amount of cannabis sold in the state has now reached $1.01billion. This includes medical cannabis sales and adult-use cannabis receipts dating back to April 20, 2022 when the recreational market was opened. Prior to April 2022, the state did not publish data on medical cannabis dispensary purchases.
Clay Bailey, the Superintendent of New Mexico’s Regulation and Licensing Department, told Marijuana Moment Monday that “this is a major milestone for New Mexico’s cannabis industry.” “Consumers are showing that they support the cannabis industry and businesses who have worked to make New Mexico a leader in legalized, regulated sales of cannabis.”
In February, the average transaction price for marijuana for adults was $41.99 and for medical marijuana it was $51.96. The medical number has increased since April 2023.
Albuquerque was the top city for adult-use marijuana sales, followed by Sunland Park and Las Cruces. Hobbs was a close second. Albuquerque was the top city for medical marijuana sales, followed by Santa Fe, Las Cruces and Rio Rancho.
Measured another way, New Mexico sold more than a half-billion-dollars’ worth of marijuana during the first full calendar year of the adult-use market when figures from medical sales were included.
The governor of also said that she “endorses”, a newly passed resolution , requesting state officials to research the therapeutic potential psilocybin. She also suggested that a regulatory structure be created to allow access to psychedelics.
The Senate unanimously approved the bill earlier this month from Senator Jeff Steinborn (D) and Senate Minority Leader Craig Brandt.
Michael Coleman, Director of Communication Gov. Michelle Lujan Grisham (D)’s office said that the governor “generally” supports responsible and innovative research to address depression and addiction.
The Senate passed the psychedelics bill one year after the House Health and Human Services Committee had approved a similar measure that called for a state agency to investigate the possibility of launching an psilocybin treatment program for certain patients. This measure, however, did not progress further in the session of 2023.
The state Senate voted last year to allow drive-through marijuana shops to remain open. The Judiciary Committee of the Senate had proposed a proposal that would have prohibited cannabis sales through drive-through windows.
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