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ALBUQUERQUE, N.M. (KRQE) – In the month of March, New Mexico cannabis retailers sold more than $39 million in recreational cannabis. That sets a new monthly record, and one retailer sold more than $1 million worth in March, data from the Cannabis Control Division (CCD) shows.
In March, retailers in Albuquerque sold the most, earning more than $10 million from nearly 28,000 transactions, the data shows. Second in sales were retailer in Sunland Park. And the single highest-earning seller has locations in both Sunland Park and Albuquerque, CCD licensing records show.
Chadcor Holdings NM, LLC., which operates Dark Matter Cannabis and Top Crop, earned more than $1.4 million from recreational cannabis sales in March. That’s about half a million dollars more than the next biggest seller, Fields of Dreams.
“We have a very good idea of what customers want, because we are consumers as well,” Chadcor Holdings CEO Matt Chadwick told KRQE. “So, what we try and do is establish a brand and dispensaries that we would want to shop at.”
While some retailers reported hundreds of thousands of dollars’ worth of sales in March, the average retailer was earning far less. Of the retailers reporting income in March, they earned an average of $57,865 on retail sales during the month.
Chadwick says the New Mexico market is getting saturated, but he still sees opportunity for growth, and says he is working on opening new locations.
“There is some saturation for sure, but that’s in a lot of markets,” Chadwick explains. “As the market matures, you’re always going to see a little bit of a shakedown. There’s going to be those who do things correctly and those who don’t . . . and people who do things the correct way always seem to last a little bit longer in the industry.”
