New Mexico’s Medical Cannabis Industry Sees Rapid Growth

The medical cannabis industry is rapidly growing in New Mexico, ironically, the state where the famous “Breaking Bad” took place. There are various licensed cultivators that are going to open up new facilities and dispensaries within the next couple of months. As a result, the unemployment rate is likely going to decrease, and the state will experience economic growth, according to Albuquerque Journal. Almost $3 million in compensation and salaries was paid out by dispensaries and cannabis cultivators during the first quarter of 2016. That is a jump from $2.3 million during the first quarter of 2015.

The amount of officially licensed patients in New Mexico that legally bought medical cannabis has gone up threefold from the first quarter of 2015. At the moment, there are about 55,000 buyers. First-quarter sales sky-rocketed from $5.7 million in 2015 to $10 million during 2016. David C. Romero White, Organtica President, states that he believes growth is going to continue to rapidly increase. New Mexico’s health department distributed twelve nonprofit groups during 2015 to establish cultivation centers as well as dispensaries. Romero White said his group had established one of them.

“We’re all trying to get our production facilities up and running,” Romero White said. “It’s very tough – especially for the producers who are outside the Albuquerque market – and a little slow.”

The Verdes Foundation was one of the twelve to be officially licensed during 2015. Its owners say they are working very hard to keep up with the high demand for cannabis products. At the moment, the company is seeing about three-hundred patients per day at the establishment it has right now. To keep up, it is going to open another establishment during the month of June that is four times as large as its dispensary in Albuquerque. At the moment, there are twenty-three licensed producers working at thirty-seven dispensaries around New Mexico.