New Mexico Marijuana Producers Surpass $50M As Patient Enrollment Surges

Though marijuana remains illegal in New Mexico for recreational use, the growth seen for medicinal purposes has surged in 2018, surpassing $50 million in sales, due in large part to a huge rise in patient enrollments.
According to data compiled by the New Mexico Department of Health (NMDOH), the 35 commercial cannabis producers in the state reported $51 million in sales in the first six months of the year. That marks a 27 percent increase year-over-year.
That jump in sales of which five providers accounted for 78 percent of the increase, was due in large part to patient enrollment in the Medical Cannabis Program, which had 54,857 active cardholders as of June 30th, an increase of 24 percent year over year.
“Providing patients with affordable, safe, and accessible medicine has been the intention of legislators since the inception of the program,” said Duke Rodriguez, CEO and President of Ultra Health in a statement. “Moving forward, success will be defined by the quality of life of the physical, mental and social well-being of each patient rather than merely the number of patients served.”
Ultra is one of the key producers in the state, with patient sales ahead of the other licensed providers for a third consecutive year. It generated $7.7 million in sales in the state, up nearly 80 percent year-over-year, while PurLife also reported strong figured. Combined, the two accounted for 48 percent of new business in the first half of 2018.
In the first half of 2018, patients bought 7,557 pounds of marijuana, up 12 percent over the same time frame in 2017.
The growth throughout the state is widespread, with several counties experiencing significant jumps in enrollment. Counties such as Grant, Otero, Curry, Sante Fe and Dona Aña all experienced 20 percent or more growth in cardholder figures. Grant topped the charts with 42 percent growth.
The growth throughout the state is a good sign for producers, but it’s also a sign that demand is outpacing supply. The state’s licensed producers “are unable to totally meet New Mexico patients’ demand for safe and legal cannabis,” so it may be forcing them to seek their cannabis elsewhere, such as the “unregulated illicit market,” the statement added.
There’s also the concern that wholesale transactions are becoming a burden for the cannabis industry. The Lynn & Erin Compassionate Use Act gave licensed producers the exclusive authority “to produce, possess, distribute and dispense cannabis,” but there is no mention of any limit on the aforementioned activities.
In 2013, NMDOH announced a maximum cap of 450 plants allowed per producer, but in August 2016, Ultra sued the NMDOH, saying that the cap needs to be adjusted higher.
Jack Smith

Jack Smith

Jack Smith is a tech reporter that dabbles in cannabis reporting to help out his good friends at GMR.


2 comments

  • Avatar
    Hillary

    July 26, 2018 at 10:51 am

    This appears to be a biased and potentially “paid” for article. The only image you included was one created by Ultra Health. Did you compile any data yourself or only use what they provided you. The only interview was with the same company. Your headline says New Mexico Marijuana Producers yet you only talk about 1 out of 35 companies. Poor article, poor journalism.

    Reply

    • Debra Borchardt
      Debra Borchardt

      July 26, 2018 at 2:57 pm

      Thank you for your feedback. This piece was not “paid for.” It was a press release issued by that company and we covered the press release which is linked to in the story. We also link back to the New Mexico web page. We often write about press releases. How is that bad journalism? Does that mean we never cover a press release?

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 1 day

RT : ICR was recently ranked in the 2020 List of the Top 11 Most Effective PR Firms. Learn more about th…

Back to Top

You have Successfully Subscribed!