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New Mexico Medical Cannabis Market Expands

New Mexico's medical cannabis market continued to expand in the second quarter.

According to the latest data from the New Mexico Department of Health or NMDOH, the state's patient count as well as medical cannabis sales volume increased in the second quarter from the preceding first quarter.

New Mexico's patient count grew to 74,100 by the end of the second quarter, representing an increase of 4.7 percent from 70,743 at the end of the preceding first quarter. The number of patient transactions in the state grew 8.8 percent to 732,314 from 673,375 in the prior quarter.

The average amount purchased per patient increased in the second quarter to 33.29 units from 32.72 units, while the average price per gram for flowers and bud declined to $9.92 from $10.43 in the prior quarter.

According to NMDOH, one unit of usable cannabis consists of one gram of the dried leaves and flowers of the female cannabis plant, or 0.2 grams of THC for cannabis-derived products.

Total marijuana plants in production in New Mexico in the second quarter surged 62 percent to 38,101 from 23,493 in the previous quarter, while the total yield increased to 3.02 million units from 2.69 million units in the prior quarter.

Patients in the state purchased a total of 2.47 million units in the quarter, up 6.5 percent from 2.32 million units in the first quarter.

Meanwhile, the units in stock at the end of the quarter decreased to 3.00 million units from 3.02 million units. The units in stock are flowers and bud only, and do not include cannabis derived products.

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