The newest adult-use cannabis retail market is off and running.
New Mexico dispensaries participating during the state’s opening day on April 1 recorded $1.96 million in adult-use sales in 24 hours, according to the state’s Cannabis Control Division (CCD).
With that launch, New Mexico became the 13th state to offer commercial adult-use cannabis sales in the U.S.
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R. Greenleaf, a Schwazze subsidiary, made its first adult-use cannabis retail transaction at 12:01 a.m. Friday at its Las Cruces location in the southern part of the state, according to a Schwazze press release. A licensed medical cannabis provider with 10 dispensaries, four cultivation facilities and one manufacturing location in New Mexico, R. Greenleaf is one of many established retailers making the transition to adult use.
Sales continued to take off at 7 a.m. in Santa Fe and at 10 a.m. in Albuquerque. The state’s largest city, Albuquerque officials have already approved 69 locations for licensed retailers to open shop.
By noon, dispensaries had recorded more than $475,000 in adult-use sales, which ended up accounting for roughly 70% of all cannabis sales for the day, ABC-affiliate KOAT reported.
The market momentum carried through the weekend. By noon Sunday, adult-use sales eclipsed the $3-million mark with more than 49,500 transactions, according to CCD.
During that same timeframe, more than $1.4 million of medical cannabis was sold for a combined total of roughly $4.5 million in legal sales, KOAT reported.
The adult sales launch was preceded by expectations of Texas customers providing a retail boost to border towns, as well as concerns by one operator over whether supply can keep up with demand in the early months of the program.
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