New Mexico cannabis sales down $4.3 million in September

New Mexico marijuana dispensaries sold $4.3 million less in September than in August, with statewide medical and recreational sales totaling just $46.8 million, according to new state data.

While it’s not clear what caused the decrease – particularly since New Mexico’s relatively nascent adult-use market is just over two years old – a thriving illicit market likely was a contributing factor.

Recreational cannabis sales for September totaled $35.7 million from 942,000 transactions, while medical added another $11.1 million from 238,000 transactions, according to the state Regulation and Licensing Department.

That’s a significant lull for the southwestern state, the Albuquerque Journal reported, with adult-use sales below the $36 million mark for the first time since February, and medical sales at an “all-time low.”

Only January had lower recreational sales, the Journal reported, when dispensaries sold only $34.4 million in adult-use cannabis. And medical patient numbers have steadily dwindled, standing now at 79,010 as of the end of September. That’s down by roughly 55,000.

Schwazze Vice President Ken Bair told the Albuquerque Journal that medical sales will likely continue to decline as more consumers opt for the simpler over-the-counter choice with recreational instead of having to fill out paperwork to obtain a medical registration.

“Probably in (2025) by the end of the year, it’ll be down to 15%, 10% of the market,” Bair told the Journal. That sort of decline has been common in other markets that have shifted from medical only to adult use.

All-time cannabis sales since New Mexico’s recreational market launched in 2022 are now at $1.3 billion, including $944 million in adult-use and $416.9 million in medical.