New Mexico’s cannabis industry is booming. Not only are the reported sales rising drastically, but high-quality New Mexico cannabis is among the cheapest in the country ($283 per ounce). In August 2022, cannabis retailers sold $24.2 million in recreational cannabis, breaking the previous month’s record by over half a million.
Though April was the first month of legalized recreational sales, the interest in the product is clear and the market is rapidly expanding. If you’re considering becoming a retailer, here’s what you should know.
Where Are Cannabis Sales Growing?
Cities across New Mexico are selling massive amounts of recreational cannabis. In August, the top areas for sales include:
- Santa Fe
- Las Cruces
- Sunland Park
Each of these cities sold over $1 million while smaller towns also found success. Socorro and Roswell also sold significant quantities of recreational cannabis, $100,000 and $400,000 worth respectively.
Selling Cannabis in New Mexico
New Mexico first went live with its recreational market in April. Since then, the state has granted 292 retail licenses which operate across 471 premises. The state also has 188 licensed producers, 91 manufacturers, and 202 micro businesses.
Understanding these licenses is essential, whether you simply want to purchase cannabis in New Mexico or become a retailer yourself. New Mexico’s relatively low prices are due to its competitive market. This is spurred by its low barriers to entry for licenses. The state hasn’t limited licenses at all, which has created a challenging economic situation for some businesses entering the industry.
Additionally, some commercial producers are frustrated by the state’s limitations on plants. The state law caps commercial producers at 20,000 plants, limiting their production ability. While anyone can open a cannabis retail business, this limitation on the number of plants any producer can have keeps prices high.
Standing Out in New Mexico’s Cannabis Market
If you’re building your recreational cannabis business from the ground up, you may feel intimidated by the competitive market in New Mexico. A unique and sustainable product display for your retail shop or dispensary is one way you can stand out from your competition.
Looking for a one stop shop to make all of your dispensary display dreams come to life? Showbest has worked with dozens of dispensaries, retail stores, and lifestyle brands in the cannabis industry. Check out information about our displays here:
Some examples of product displays that we’ve built include:
- Illuminated wall cases and showcases
- Wall and floor displays
- Custom laminated casework with LED lights
- Tall glass display shelves
- Welcome desks
We pride ourselves on creating fully customized designs for our customers and providing an experience that keeps them coming back. Our projects have been so successful with the brands above that we’re expanding our work to additional locations. We’re happy to collaborate with you as you build your brand and create a stellar in-person retail experience.
Visit here to learn more about partnering with Showbest.