Carlsbad remains in New Mexico’s top 10 in cannabis sales despite dip

The Metropolis of Carlsbad remained No. 8 in hashish gross sales throughout Could regardless of a slight drop in gross sales, based on the Hashish Management Division of the New Mexico Regulation and Licensing Division.

Grownup-use hashish gross sales started April 1 in New Mexico after the New Mexico Legislature handed the Hashish Regulation Act in 2021. Gov. Michelle Lujan Grisham signed the laws simply after lawmakers handed it.

Carlsbad had $1.1 million in mixed medical and grownup use hashish gross sales in April, per information from the Hashish Management Division (CCD).

Extra:Hashish enterprise curiosity grows as State points licenses in Eddy County

Mixed gross sales dropped to $1 million in Could in Carlsbad as medical and grownup use figures dropped from the opening month.

Gross sales throughout New Mexico dipped from April to Could, based on a information launch from CCD.

Gross sales through the opening month was $40 million in April and in Could mixed gross sales fell to $39 million, the information launch said.

“These gross sales figures depict a gentle tempo that we anticipated when adult-use hashish was legalized,” stated CCD Director Kristen Thomas within the information launch.

“Our workers continues to work diligently to make sure candidates transfer by our licensing course of effectively, and guarantee licensees function inside a secure, accessible, and efficient regulated market” she stated.

Matt Kennicott of the Weeds hashish consulting agency in Albuquerque stated regardless of the gross sales drop in Carlsbad and the State. Curiosity for hashish remained highly effective.

“Carlsbad being within the top-10 for gross sales during the last month reveals that there was pent-up demand for authorized hashish in our communities,” he stated.

“With the growth that has been skilled within the oil fields over the previous few years, shoppers now have extra disposable revenue to spend on objects like hashish or they’re turning to hashish as drugs to assist with their aches and pains and different health-related points,” Kennicott stated.

Extra:Hashish retailers will kind out provide and demand however water shall be tough

Six licenses have been authorized by the CCD for hashish retailers, hashish manufacturing microbusinesses, hashish producers and hashish producers throughout the Metropolis of Carlsbad as of June 3.

Twenty-two draft proposals awaited license approval from the CCD for numerous hashish retailers within the Metropolis of Carlsbad, per the company’s web site.

“Both manner, the hashish marketplace for Carlsbad and Eddy County is trying robust and can doubtless proceed that manner for fairly a while,” Kennicott stated.

Texas curiosity fueling hashish gross sales?

Hobbs, Clovis and Sunland Park have been forward of Carlsbad in total gross sales, information learn from CCD.

The three cities are near the Lone Star State the place leisure hashish use, and gross sales are unlawful.

“What we’re seeing with the breakdown of the numbers from numerous areas is that our neighbors are additionally very enthusiastic about our market, notably these coming from Texas,” Kennicott stated.

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Hobbs recorded $1.6 million in hashish gross sales. Sunland Park had $1.4 million and Clovis reported $1.1 million in total gross sales, per the CCD.

Kennicott speculated Carlsbad’s shut proximity to Texas doubtless helped generate gross sales throughout Could.  

Albuquerque, Santa Fe, Las Cruces and Rio Rancho have been New Mexico’s main cities in hashish gross sales in Could, based on the Hashish Management Division.

“This primary yr shall be fascinating in establishing the baseline for the way our market will mature sooner or later,” Kennicott stated.

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The hashish trade was projected to generate $300 million yearly in gross sales, create 11,000 jobs and herald $50 million in state income within the first yr alone, based on CCD.

“Gross sales will doubtless stay very robust, nevertheless it’ll be vital to regulate market circumstances corresponding to what number of new producers and producers are coming on-line, what number of retailers are opening, and the supply of product on the wholesale market,” Kennicott stated.

Mike Smith may be reached at 575-628-5546 or by electronic mail at MSmith@currentargus.com or @ArgusMichae on Twitter. 

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