N.M. dispensaries sell $5.2 million of marijuana during first weekend of recreational sales
LAS CRUCES, New Mexico - From 12 a.m. on Friday to 11:59 p.m. on Sunday, dispensaries across New Mexico sold $5.2 million worth of marijuana, according to numbers just released by the state.
According to the state, 32.5% of sales during opening weekend were for medical use. A total of 67.5% of sales were for recreational use.
“We are very excited that through careful planning with the regulatory agency and working with industry, we have become the first state in the nation to legalize cannabis and not experience shortages on the opening days," said Heather Brewer, a spokeswoman for the Cannabis Control Division of the New Mexico Regulation and Licensing Department.
As ABC-7 reported, the state predicts the industry will bring in $50 million in tax revenue during the first year of legal recreational sales. However, producers worry there might be a shortage in the upcoming weeks or months.
"It's not a matter of if, but when," said Marissa Novel, a spokeswoman for Ultra Health, the largest producer in the state. "Supply is running low. It's depleted faster than ever. Especially with all the activity from Friday, there won't be enough harvest to replace it."
"We still have plenty," said Brett Burke, a co-founder of Sol Cannabis in Las Cruces. "We're not concerned at this point about running out yet. There could end up being a shortage still, but our inventory is looking good."
The state spokeswoman said the Cannabis Control Division will monitor supply levels and make adjustments as needed.
"This is a good sign for the industry," Brewer said. "We will make adjustments as needed. For the moment, things still look good. We will continue to have those conversations and hope that everyone has access to the product they need and want."