Ultra Health is the state’s preferred patient-provider by 5 to 1, leading nearest competitor by 70%

(Albuquerque) – Revenues for New Mexico’s Medical Cannabis Program topped $77.7 million for the first nine months of the year, with 58,782 patients enrolled in the program as of September 30, 2018, according to the New Mexico Department of Health (NMDOH).

The patient sales during the first nine months of 2018 represent a 25 percent increase over the same period during 2017, while patient enrollment increased by 20 percent. The growth shows patients are increasingly utilizing the program as it continues to mature.  

Of the 35 licensed producers, 18 operators’ patient sales fell below the industry’s 25 percent increase from the first nine months of 2018 over the same period in 2017.

The top five providers reported the following patient sales and represent more than 42 percent of the total industry’s revenues for the period:

 

                                                 9 Month  Increase over 9-months 2017

 Revenue                      $ Increase        % Increase

1. Ultra Health        $11,528,319      $4,392,391               62%
2. R. Greenleaf         $6,791,389         $908,311                 15%
3. Verdes                   $5,356,290         $836,838               19%
4. Sacred Garden     $4,786,210      $2,242,290              88%
5. PurLife                  $4,512,674       $2,546,941              130%

 

Total Industry            $77,747,646      $15,322,788                25%

While Ultra Health’s nearest competitor lags 70 percent behind, the average patient sales among the remaining 34 providers trails even further at less than $2 million per operator. Qualified patients are selecting Ultra Health as their preferred provider for cannabis care by nearly 5 to 1.

“It has become increasingly obvious that patients statewide are trusting Ultra Health as their primary medical cannabis provider,” said Duke Rodriguez, CEO and President of Ultra Health®. “As the industry continues to mature, we look forward to serving more New Mexicans in even more counties, providing the highest quality medical cannabis available.”

YEAR-END OUTLOOK

During the fourth quarter of 2018, Ultra Health plans to open new locations in Albuquerque’s North Valley, Los Lunas, Española, Farmington, Las Cruces, Sunland Park, and Roswell, following a favorable order from Chief Judge Louis P. McDonald of the Thirteenth Judicial District earlier this month. These locations have been fully constructed and equipped, awaiting designation from NMDOH for as long as 13 months.  

The biggest challenge for the industry moving forward will be guaranteeing an adequate supply of medical cannabis to meet every patient’s needs statewide, and not just the urban but rural communities as well.

In August of 2016, Ultra Health filed a lawsuit against NMDOH to address the plant count cap and to ensure an adequate supply of medical cannabis for all patients. The matter has been fully briefed before Judge David K. Thomson of the First Judicial District Court in Santa Fe, and both parties have been told a ruling will be issued Friday, November 2.

The industry is expected to continue its accelerated pace into the last quarter of the year, with forecasts showing more than $100 million in patient sales. By the end of the year, enrollment in the program will likely swell to 65,000 qualified patients.