New Mexico generated $147 million in the first nine months of 2020 from medicinal cannabis.
New Mexico has enjoyed a consistent upward spike in its medical marijuana sales, which have come close to a 100% increase since 2019.
According to Marijuana Business Daily, New Mexico could generate $350 million in annual medical marijuana sales by its fourth year of operation. The state is predicted to reach up to $200 million in medical marijuana sales for this year, up from $130 million last year.
These spikes can be attributed to the climbing number of registered patients in New Mexico, which climbed past 100,000 last month.
There are currently 123 operational dispensaries in New Mexico, with most patients receiving cannabis medications for PTSD, followed by chronic pain according to Marijuana Business Daily.
The booming New Mexico medical cannabis market has given hope to cannabis advocates that the state may legalize recreational cannabis, despite having rejected such efforts several times in the past.
Most recently, a bill to legalize adult-use recreational cannabis in New Mexico was progressed through a Senate committee at the beginning of this year, but was rejected by another committee promptly afterward.
Though with Arizona's recent legalization in November alongside four other states, hope has resurfaced for many within the cannabis industry that New Mexico may finally pass legislative efforts in 2021.
Arizona is a neighboring state to New Mexico and is also a fairly conservative or "red" state. Despite this, the state legalized adult-use recreational cannabis on November 3rd, with dispensaries expected to be licensed in March 2021.
Then, one can look at case studies like Illinois, which legalized recreational cannabis at the beginning of this year and have seen nearly half a billion in cannabis sales to date, there is a lot to be gained for New Mexico in following suit.
Moreover, the U.N. recently downgraded its scheduling of cannabis from a Schedule IV category where the plant resided alongside heroin and other harmful substances, highlighting the shifting perception of cannabis on a global scale.
The reasons for legalizing cannabis in New Mexico are piling up, and New Mexico residents overwhelming support such measures, with 72 per cent of respondents favouring the legalization of the plant according to a recent poll.
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