Two licensed producers generate half of New Mexico’s cannabis industry growth

(Albuquerque) – The 35 commercial producers in New Mexico surpassed $51 million in patient sales for the first six months of 2018, according to data submitted to the New Mexico Department of Health (NMDOH). The retail patient revenue for the first six months is an increase of 27 percent over the same period in 2017.

Five providers in the state were responsible for 78 percent of the revenue increase from the first six months of 2018 over the comparable period in 2017, while two of the five producers accounted for nearly 50 percent of the industry’s total growth.

Continue reading “New Mexico Medical Cannabis Program Surging Toward $100 Million in 2018”

Majority of counties experience double-digit enrollment growth in the first six months of 2018

(Albuquerque) – New Mexico’s Medical Cannabis Program has 54,857 active patients enrolled as of June 30, 2018. This is an 18 percent increase since December 31, 2017, according to data from the New Mexico Department of Health (NMDOH). The program is growing at an annualized rate of 36 percent and is expected to serve more than 60,000 patients by the end of 2018.

The following counties with at least 500 cardholders have experienced the fastest growth rates since the beginning of the year:

1. Grant* 42%
2. Otero* 32%
3. Curry* 23%
4. Santa Fe* 23%
5. Dona Aña 23%

 

* Counties currently served by Ultra Health. The provider is awaiting designation from NMDOH for two new locations in Dona Aña County in Sunland Park and Las Cruces.

Despite regulatory challenges, the program is continuing its accelerated pace into the first six months of 2018.

“In any other industry, exponential growth rates would be looked upon positively and bureaucrats would be scrambling to support the future,” said Duke Rodriguez, CEO and President of Ultra Health®. “Fortunately, despite regulatory impediments the cannabis industry has emerged because of broad public support at a grassroots level.”

Forecasts show the industry’s revenue for the first six months of 2018 is projected to reach over $50 million, an increase of 25 percent over the first six months of 2017. Ultra Health expects to lead all licensed producers with $7.7 million in sales for the first half of the year, an increase of nearly 80 percent over the same period.

More data on the Medical Cannabis Program’s first six months of 2018 will be available after quarterly reports are submitted to NMDOH by the July 16, 2018 deadline.