Cannabis sales in New Mexico reached a record high during the month of July with more than $40 million in retail sales statewide.
In an August 4 press release Gov. Michelle Lujan Grisham says, “These numbers show that the impressive sales [over $39 million] generated in the first month [April] of legalized recreational cannabis sales were no fluke – and this is only the beginning.“
The governor goes on to state that the establishment of the new industry “…is already generating millions of dollars in local and state revenue and will continue to generate millions more in economic activity across the state, creating thousands of jobs for New Mexicans in communities both small and large.”
According to a KOAT Action News 7 report of the nearly $40 million in total sales during the month of July, recreational-use sales topped $23 million. “Cannabis is not going away. People are using cannabis as an alternative to traditional prescription medications and alcohol. Some people are seeing their friends and family use the product and get relief and are getting comfortable with the concept of trying it“, according to Trishelle Kirk, CEO of Everest Cannabis, one of New Mexico’s largest cannabis enterprises.
Sales In Lea County
Although Lea County is one of the lesser populated counties in the state, the county is seeing a healthy and growing legalized adult-use cannabis industry.
July data released by the Cannabis Control Division (CCD) of the New Mexico Regulation and Licensing Department lists Hobbs as one of the state’s top five cannabis-selling cities. Hobbs also ranked in the state’s top five cities for cannabis sales during the month of June.
During July recreational sales in Hobbs totaled $1,259,443.22, and medical sales were $363,439.59.
The CCD additionally lists July sales’ totals for Tatum – $35,674.97 in recreational sales and $12,549.21 in medical sales.
According to University of New Mexico Professor of Finance Dr. Reilly White, being located close to the border of a state like Texas where cannabis remains illegal contributes significantly to the growth of the cannabis industry in an area where it is legal. Dr. White says that states that have not legalized recreational adult-use cannabis drive the industry in nearby states where the sale and use of the substance is legal. Hobbs and Tatum are real-life examples of Dr. White’s viewpoint.
Dr. White cautions that all of this may change if and when recreational-use cannabis becomes legal federally. One thing for certain is that the cannabis industry is growing steadily in New Mexico and in Lea County, as well as nationally and globally. Only time will tell its level of long-term impact upon the county.
Photo by Kimzy-Nanney // Unsplash
