New Mexico Market Summary: November 2025
The state slid from 47M to 45M in reported earnings this month. It’s not a cliff dive, more like a cool breeze that comes with the season. Across the map, nearly every region saw earnings trend downward. Except Southern. That little pocket of the state that appears as a beacon of hope for operators of all sizes.
Oasis kept the crown with $4.01M. They’re built for consistency, and so far they’ve delivered. Schwazze, even after pulling stores off the map, still held $2.79M. But slipping to second isn’t a break. Chadcor is breathing right down their neck at $2.75M. One small push and that ranking flips. Purlife, Urban Wellness, Cookies, Verdes, PVP, Fields of Dreams, Mango —they round out the top ten, each carving out their space in a market that’s shrinking month-to-month.
Eastern Region: November 2025
This corner of the state usually hangs steady. It’s blue-collar, dependable, the kind of region that keeps the lights on even when the rest of the map gets moody. But November shaved off about $42K, reminding everyone that even the sturdiest markets can wobble.
The region still pulled a massive $415.27M YTD, holding 20.5% of the state’s market share with 24 cities and 201 stores. That’s a crowded lineup—plenty of operators trying to stake their claim, plenty of customers with options.
But the real story isn’t the region. It’s the operators moving the levers inside it.
The Eastern region’s top stores this month:
Canna Buddha (1003 N Linam) — $451.9K
Oasis (1407 West 2nd St, Roswell) — $429.1K
Canna Buddha (435 S 3rd St) — $401.2K
Glenrio Smoke Stop — $329.4K
Dark Matter (1127 Joe Harvey) — $322.4K
Northern Region: November 2025
Northern got hit the hardest—down half a million dollars month-over-month. Still, the region posted $291.27M LTS and holds 14.38% of the statewide market across 23 cities and 150 stores. It’s a dense field, full of legacy shops, hometown favorites, and operators who’ve been here since before legalization was even a rumor.
But November reminded everyone that nostalgia doesn’t protect your margins.
The Norther region’s top stores this month:
Oasis (426 E Main St, Farmington) — $417.0K
Verdes (3530 Zafarano Dr, Santa Fe) — $251.9K
Oasis (2201 N Grand Ave, Las Vegas NM) — $211.7K
HDR (5041 Main St, Santa Fe) — $196.8K
Purlife (Cerrillos Rd, Santa Fe) — $188.5K
Central Region: November 2025
Central is the beast of the state: 428 stores across 21 cities, commanding 39.33% of all market share in New Mexico. The volume here is unmatched. The competition is savage. And when the market dips, Central bleeds the most simply because it has the most to lose.
LTS sits at a towering $796.39M, more than Eastern and Northern combined. But that scale doesn’t protect you—it exposes you.
The Central region’s top stores this month:
Cookies (1340 Broadway Blvd) — $1.0M
Oasis (3730 Coors Blvd NW) — $668.9K
Oasis (2925 Juan Tabo Blvd) — $462.7K
Verdes (7301 San Antonio Dr) — $407.3K
Dark Matter (1713 Juan Tabo Blvd) — $381.9K
Western Region: November 2025
Western is a different world—highways, border towns, and lean operators who do more with less. It’s the smallest region by far, with 41 stores across 10 cities, holding only 3.54% of market share.
November wasn’t kind here either—down $117K—but Western never plays by the same rules. These stores survive on grit, location, and traffic patterns, not hype.
The Western region’s top stores this month:
Lava Wellness (1208 East Highway) — $327.3K
P37 (1005 E Hwy 66, Gallup) — $225.4K
Rocky Mountain Cannabis (multiple locations) — $137.7K & $120.3K
R. Greenleaf (899 E Roosevelt) — $136.8K
Cake (1020 W Maloney Ave) — $77.8K
Southern Region: November 2025
Southern is sitting on $450.57M LTS, holding 22.25% of the state’s total market with 237 stores across 21 cities. Southern was the only region in the state brave enough—and strong enough—to post a gain this month. + $1,515 in a declining market may not seem like much, but in context it’s a green flare in a dark sky.
Between Monster House’s growing footprint, Fields of Dreams’ express model, and Mango’s border-zone dominance, the region feels like it’s reinventing itself in real time.
The Southern region’s top stores this month:
Mango (1051 McNutt Rd, Sunland Park) — $1.2M
Fields of Dreams (159 Sunland Park Dr) — $1.2M
Dark Matter (1615 Appaloosa Dr) — $1.0M
Cookies (1500 Appaloosa St) — $673.6K
Green Therapy (4120 Bataan Memorial) — $499.7K
Category Breakdown, Sales Mix, and Price Points Going Into 2026
New Mexico’s category performance has finally settled into a recognizable rhythm. After three volatile years, the mix is stabilizing—clear leaders, clear laggards, and a few categories that are about to either evolve or disappear. The numbers don’t lie. They show how customers actually behave, not how brands wish they behaved.
Here’s what the data is really saying.
Vapes — The King of the Mountain
29.1% of menu items | 27.47% of total sales
Avg Cost: $11.89 | Avg MSRP: $30.46 | Avg Sale: $24.61
2026 Outlook: Demand stays high. The price point is stable. Hardware advances will make 2g devices the default. Anyone with strong distillate, solid supply, and clean hardware partnerships will continue to win.
Edibles — The Steady Climber
23.4% of menus | 24.02% of sales
Avg Cost: $6.12–$9.03 | Avg MSRP: $16.22–$24.86 | Avg Sale: $12.96–$18.90
2026 Outlook: Still growing. Expect more specialty SKUs: They overperform slightly in POS, which means heavy repeat buying, promos, and strong customer trust—especially in <100mg formats; rapid onset, functional blends (CBG, CBN, THCV), microdosed daily-use formats. Price point remains approachable, making edibles the easiest crossover for ex-hemp customers after the ban.
Pre-Rolls — Oversaturated and Thinning Out
15.3% of menus | 13.14% of sales
Avg Cost: $4.89 | Avg MSRP: $15.22 | Avg Sale: $11.75
2026 Outlook: Non-Infused Pre-rolls are menu-heavy but underperform in actual purchases; they end up as promo units and “Incentives”
The market is crowded, and the consumer is extremely price sensitive. A $12 pre-roll needs to be impressive to justify itself; most aren’t.
Flower — The Sleeping Giant Ready to Wake Back Up
15.2% of menus | 18.18% of sales
Avg Cost: $1.81–$12.14 | Avg MSRP: $8.11–$36.13 | Avg Sale: $5.88–$20.90
2026 Outlook: Expect a late-year rebound driven by: Genetics scarcity if seed/cloning rules tighten, fewer operators growing their own, more curated drops from boutique cultivators. Prices may tick upward if supply constricts, especially on 3.5g and 7g units.
Concentrates — Stable, Not Explosive
10.6% of menus | 10.33% of sales
Avg Cost: $13.20 | Avg MSRP: $28.10 | Avg Sale: $22.23
2026 Outlook: Price compression continues at the low end. Premium live resin and rosin will gain share—but only among heavy users who already know the difference. If solventless supply dips, expect those prices to hold steady or rise slightly.
Accessories — Menu Heavy, Sales Light
10.6% of menus | 5.91% of sales
Avg Cost: $12.12 | Avg MSRP: $22.48 | Avg Sale: $16.52
2026 Outlook: Operators reduce accessory SKUs by 30–50%.This category becomes leaner, more curated, and more impulse-driven.
Topicals — Niche and Likely to Stay That Way
~1% of menus | 0.63% of sales
Avg Cost: $10.45 | Avg Sale: $24.08
2026 Outlook: Biggest opportunity is medical or wellness-focused retailers. Otherwise, this category remains a slow-burn accessory to the broader market.
What the Category Mix Really Means for 2026
Vapes, edibles, and flower will drive 70%+ of all revenue.
If you don’t win in these three, you don’t win the market.Pre-rolls get trimmed down, refined, and pushed to value or premium extremes.
Middle-of-the-road pre-rolls will vanish.Solventless is niche but carries storytelling power.
Small volume, big brand differentiation.Price compression is slowing but not stopping.
Expect stabilization, not recovery.The hemp ban will swell demand for:
lower-priced vapes
100mg and 10mg edible SKUs
entry-tier flower
These categories will absorb the shock wave first. Operators who understand mix and margin will survive the consolidation wave. Everyone else will drown in slow-moving SKUs and poor category balance.
2026 Predictions for New Mexico
With one month left, Oasis will finish 2025 as the undisputed top earner. The real suspense is whether Schwazze can hold the #2 spot. Their footprint is still strong, but mid-sized operators like Urban Wellness, Chadcor, Fields of Dreams, Mango, and Dark Matter are scaling faster and hungrier.
Consolidation will define 2026: More closures, more distressed assets, and more mid-sized operators grabbing real estate that CBD shops once believed would make them moguls.
The hemp ban will distort the market well into 2026. Expect a surge of last-minute hemp sales, followed by a slow absorption of those customers into licensed shops around Q2–Q3. Value-tier products will scoop up most of that migration.
Category trends won’t shift dramatically, but they’ll sharpen:
Vapes stay the dominant category.
Edibles remain consistent and continue to fragment into niche SKUs.
Pre-rolls remain oversaturated and margin-thin.
Flower rebounds mid-year as genetics tighten and customers return to familiarity.
Border markets—Sunland Park, Gallup, Hobbs, Clovis, Glenrio—continue to outperform their size. Anyone positioned there will have a strong 2026.
