Between April and June of this year, New Mexico medical marijuana patients reportedly spent a total of $27 million on marijuana. These figures were determined by tallying the producer reports for second quarter earnings. Santa Fe seems to have the largest piece of the market.
About a dozen producers reported losses but the majority of the producers reported being in the green, Santa Fe New Mexican reports. The biggest net loss was reported by Shift New Mexico. Ultra Health is the leading producer with multiple dispensaries in the state, they reported $5 million in gross sales during the second quarter.
Compared to when quarterly marijuana revenue reports were released, quarterly sales have more than doubled. In 2016, the first quarter of sales garnered $10.2 million.
Regarding the growth of the industry, Senator Cisco McSorley said, “Medical marijuana has exploded in acceptance. People of many generations and young people have long accepted it. Now older people are using cannabis for medical purposes. It’s almost universally accepted.”
Emily Kaltenbach of Drug Policy Alliance commented that medical marijuana patients are finding it to be “a legitimate medicine for many conditions”.
Fruit of the Earth Organics is another leading producer in the state. This operation uses an outdoor, organic cultivation method. The state allows cultivators 450 plants, but they only grow 350. Some of their plants reach 15-feet tall – which produces more marijuana from slightly fewer plants.
Lyra Barron, owner of Fruit of the Earth Organics, said, “One thing this allows us to do is properly cure the plants. Marijuana should be cured for six months to a year.”
The state’s top 5 grossing producers are:
- Ultra Health grossing $3,973,486
- Greenleaf grossing $3,003,954
- Verdes Foundation grossing $1,824,462
- Sacred Garden grossing $1,664,620
- Minerva grossing $1,584, 824
The top 5 net profiting producers are:
- Compassionate Distributors with $671,654
- Greenleaf with $671,141
- Natural RX with $558,265
- MJ Express with $320,803
- Fruit of the Earth with $267,183
The companies reporting losses were:
- Shift New Mexico with a loss of $195,472
- SW Wellness reporting losses of $164,702
- New Mexicann reporting $140,093 in losses
- Kure with $131,694 in losses
- Red Barn with $104,010 in losses
- Seven Point Farms with $41,668 in losses
- Everest Apothecary reported $39,645 in losses
- Grass Roots with a loss of $38,816
- Minerva with $35,803 in losses
- CGC reported losing $26,798
- Healthy Education Society reported losing $17,431
Ultra Health is working on expanding to open six more locations in the state. This could help them become the dominant producer and seller in the state.