New Mexico’s medical cannabis program was signed into law in 2007. In the years since, the market has grown — and teetered on the verge of passing adult use legislation.
The effort to expand access to adult use in the Land of Enchantment appears promising. The movement has garnered the support of Gov. Michelle Lujan Grisham, who tweeted in February: “we can get in on the ground floor or we can try to play catch up.”
A recreational marijuana bill fell flat in the state legislature this year, leaving cannabis advocates to look toward the future.
In the meantime, the state’s medical market appears to be growing and improving.
The state generated $106 million in medical spending in 2018, a number that’s expected to rise to $141 million by 2024, according to data from Arcview Market Research and BDS Analytics.
If adult use laws were to pass in New Mexico, the firms forecast that spending could reach $429 million by 2024.
In 2019, the state totaled $129 million in sales while expanding enrollment 19% for a total of more 67,000 patients.