Sales for the month were relatively even with reports from the summer months.
New Mexico’s two-year-old recreational cannabis market may have already reached its peak, with around the $51.1 million in total sales reported for August, according to statistics from the state Regulation and Licensing Department.
For the month, New Mexico’s 1,006 dispensaries chalked up $38.9 million from 991,891 transactions in recreational sales and another $12.1 million from 252,885 transactions in medical, for a total of $51.1 million and 1.2 million transactions.
While that’s up significantly from when the recreational market launched in April 2022, it’s not a significant increase from the summer months. And it’s down from the high point of March, when the combined recreational and medical sales reached $52.5 million.
In April, combined sales were $51.1 million, in May it was $51.2 million, in June $48 million, and July just over $50 million.
While there’s been a slow downtick in medical sales as recreational has generally gone up since 2022 – which mirrors market dynamics in other states that began with medical marijuana markets before adopting adult-use – that trend has essentially halted over the past few months, with sales in both categories remaining fairly stable, according to state figures.
The sales trend also is noteworthy given media reports of market saturation and dispensary closures in the Land of Enchantment, likely indicating that the southwestern state may have already reached its full potential.
Sales for the month were relatively even with reports from the summer months. Read More