New Mexico Market Report – August 2025
August 2025 in New Mexico wasn’t about big growth. The numbers barely moved — total sales ticked up just 0.32% month-over-month ($48.44M in July vs $48.59M in August). But the surface calm hides a deeper story. Operators, regions, and now even industry institutions are shifting. September feels less like business as usual and more like the start of a new era.
Schwazze vs Oasis: Efficiency vs. Expansion
After months in the lead, Oasis has staggered behind Schwazze (barely); the headline battle is clear:
Schwazze climbed to the #1 spot with $3.92M in sales, up nearly 9%. They did it by consolidating, closing a store in Albuquerque, and proving they could do more with less.
Oasis, meanwhile, expanded with new stores, hitting $3.89M in sales. But the returns were thinner, and for the first time in months, they slipped out of first place.
It’s a tale of two strategies — bulking up vs trimming down; and in a saturated market, lean efficiency edged out over raw expansion.
Operator Movements
Chadcor held steady at $2.76M, but their Sunland Park locations now face real competition from Mango.
Purlife crept up to $2.03M, pushing past Pvp, who dropped nearly 12%.
Cookies jumped almost 10% to $1.81M, showing the staying power of a strong national brand.
Mango, a single-store operator, entered the top 10 with $921K, closing in on multi-store players. Proof that focus can beat footprint.
Regional Trends
Top 5 Winning Cities
Hobbs (+$163K)
Sunland Park (+$82K)
Clovis (+$63K)
Chaparral (+$49K)
Las Cruces (+$47K)
Top 5 Losing Cities
Albuquerque (-$216K)
Farmington (-$38K)
Roswell (-$74K)
Carlsbad (-$54K)
Taos (-$20K)
Southern (+$194K)
Border towns carried the month. Sunland Park, Chaparral, and Las Cruces all posted strong gains, proving Texas demand is still the lifeblood of the south. Losses in Alamogordo and Truth or Consequences couldn’t stop the surge.
Eastern (+$152K)
Hobbs (+$163K) and Clovis (+$63K) were powerhouses, more than offsetting steep drops in Roswell (-$74K) and Carlsbad (-$54K). A region split clean down the middle: border strength vs mid-size city oversupply.
Western (+$32K)
Silver City (+$29K) carried the region on its own. Everywhere else was flat or negligible, with Gallup’s 15 stores adding barely $1,300.
Northern (-$50K)
Farmington (-$38K) and Taos (-$20K) collapsed, dragging the region negative. Seasonal tourist towns like Red River and Angel Fire also bled. Northern New Mexico simply doesn’t have the anchors to compete with Hobbs or Sunland Park.
Central (-$175K)
Albuquerque was the single biggest drag in the state, dropping -$216K across 338 stores. That collapse defined the month. Smaller towns like Belen (+$33K) and Los Lunas (+$10K) looked healthier, but they couldn’t offset ABQ’s oversaturation.
The Bigger Shift: End of the Chamber
Just as the numbers were shaking up, so too was the industry’s infrastructure. In early September, the New Mexico Cannabis Chamber of Commerce announced its closure after more than six years as the collective voice of the industry.
“We are proud of all we accomplished together and grateful for the support of our members and partners. The Chamber’s values of growth, sustainability, and community will continue to shape and strengthen New Mexico’s cannabis industry for years to come.”
The closure marks a symbolic handoff. Other groups, like the Southwest Cannabis Trade Association and the newly formed New Mexico Cannabis Association, will now carry the torch.
Conclusion: A Changing of the Guard
August 2025 showed a market caught between efficiency and expansion, border towns and oversaturated metros, newcomers and legacy operators. With Schwazze overtaking Oasis, Mango punching above its weight, and the Chamber of Commerce bowing out, September feels less like a continuation and more like a transition.
The New Mexico market isn’t just evolving — it’s changing hands.
