New Mexico, Montana Continue Breaking Cannabis Sales Records; Among Best Performing Markets in Nation

Creeping up on their two-year anniversaries, the adult-use cannabis retail markets in New Mexico and Montana continued to smash sales records in August. And, despite their size and youth, they are among the best performing programs this year in the U.S.

Montana’s licensed cannabis retailers reported nearly $28.7 million in sales in August, a monthly record for the Treasure State, according to data from its Department of Revenue (DOR). This benchmark, which represents 7% growth over the previous August, comes in the second full year since Montana first launched adult-use sales in January 2022.

And New Mexico’s dispensaries reported more than $48.2 million in cannabis sales in August, representing a third consecutive monthly record for the Land of Enchantment, according to data from the state’s Regulation and Licensing Department. The new benchmark also represents 18% growth compared to the previous August. New Mexico launched adult-use sales in April 2022.

While Montana and New Mexico are two of the younger adult-use cannabis marketplaces among 20 such states to roll out commercialized retail programs, pound-for-pound they are swinging with the heavyweights.

Montana, which has roughly 1.1 million residents, is averaging a monthly spend of $18.63 in adult-use cannabis sales per capita in 2023, which is bested only by Michigan ($23.42), Nevada ($20.49) and Colorado ($19.68), according to CBT research. Notably, Montana’s $23.7 million in adult-use sales in August made up 83% of the total retail market.

Year-to-date, Montana’s combined adult-use and medical markets account for nearly $213 million in sales. The state’s retailers are estimated to finish 2023 with roughly $320 million in total sales.

Since adult-use sales commenced in January 2022, Montana’s cannabis retail market has generated more than $81.4 million in estimated tax revenue, according to DOR.

Meanwhile, with a population of roughly 2.1 million, New Mexico is averaging a monthly spend of $14.90 in adult-use cannabis sales per capita so far this year, which ranks seventh just behind Massachusetts ($18.49) and Oregon ($17.83). New Mexico’s $34.7 million in adult-use sales in August accounted for 72% of the state’s total retail market.

Through the first eight months of 2023, New Mexico’s adult-use and medical marketplaces have combined for $365.2 million in sales. The state’s retailers are on pace for roughly $560 million in total sales for 2023.

Among the nine adult-use markets that have launched since the beginning of 2022, Montana and New Mexico are second to none on a per-capita basis.