With more and more people recognizing the value of cannabis in their lives, they are looking for ways to get involved with the industry. New Mexico’s cannabis industry is growing at an impressive rate — one that will continue as long as reforms stay on track.
The New Mexico cannabis industry is booming, with cannabis companies raking in more than $40 million for the second year in a row. It turns out that the cannabis industry is one of the fastest growing industry and is expected to generate over $20 billion in revenue by 2022. This is a huge leap from the $5.7 billion generated at the beginning of this year.
Also, A report published by BDS Analytics and Arcview Market Research shows that cannabis sales in New Mexico hit an all-time high for the second straight month. The Green Rush is now here in New Mexico!
After an impressive July sales figure in New Mexico, cannabis sales records were set again in August, hitting over $40 million, beating the previous month by around $300,000. It’s a bigmonth for the cannabis industry, as sales continue to outpace expectations. The numbers are clearly good news for New Mexico’s cannabis industry and its consumers alike. In addition, it’s the change in public opinion that is driving these numbers.
August brought in $23 million from New Mexico’s adult-use sales, more than that of July’s total. Even analysts were surprised by the numbers. They are not expecting a set-up in August to be as large due to the fact that adult-use sales began on July 1st. That’s why Analysts continue to be pleasantly surprised by New Mexico’s impressive cannabis sales numbers, bucking trends in other newer markets and setting the bar high (no pun intended). The state’s market remains robust, indicating there are good things to come.
“In most states, you see very early sales during the first few months. Typically sales will fluctuate after that,” explained Andrew Vallejos, Interim Director for New Mexico’s Cannabis Control Division, in an interview with KOAT news. “ We don’t know if there will be seasonal variations in sales. Right now, it looks very encouraging.”
It’s no wonder why this state has been a winner for cannabis companies. With such high demand and low supply, New Mexico’s cannabis market is set to continue its upward trajectory. And this is a proud moment for the state’s cannabis community. “I think it shows that our industry is legitimate,” said Vallejos. “It’s not a fly-by-night thing; it’s something that people are investing in and believe in.”
Sandy Suchoff, CPA is the Founder and principal of Lefstein-Suchoff, CPA & Associates, LLC D/B/A The Canna CPAs. Suchoff has been featured and interviewed on MSNBC, FOX News, and Tune In Business Talk Radio as a tax advisor, as well as ONR Oklahoma PBS TV, Chasing News on FOX & WOR, KRQE 13, Cannabis Radio, Purple Haze Radio, and Cannabis Tech & Today as an advisor on cannabis tax and accounting.
