New Mexico Market Summary: June 2025

If you’re looking for signs of life in New Mexico’s adult-use market, you’ll need to dig through a mess of red ink and a few stubborn bright spots. June wasn’t just a slow burn—it was a controlled descent.

Total Sales & Top Performers

• Statewide Total: $47,024,514

• Top Banner: Oasis with $3.75M in sales (split between $2.32M REC and $1.43M MED)

• Runner-Up: Schwazze, a hair behind at $3.72M, almost entirely rec.

• Chadcor, PVP, and Purlife rounded out the top five, each breaking $1.9M or more.

These top dogs continue to carry the weight of the market, particularly as many rural and suburban cities post negative trends.

Regional Trends — Who's Bleeding, Who’s Breathing

Let’s not sugarcoat it. Out of 1,038 stores tracked across the state, nearly every region experienced a net loss in earnings trend. Here's the regional rundown:

Central NM

• Net Trend: - $1.05M

• Albuquerque alone: - $841K across 329 stores. Brutal.

• Other losers: Rio Rancho (-$88K), Los Lunas (-$40K), Belen (-$38K)

  • Net Trend: -$88,115 | 5 Stores Reporting

    Rio Rancho had a rough June. Every store either stalled or slid backward, making it one of the hardest-hit cities in the Central region.

    Top 5 Losses:

    • Verdes (-$37,258)

    • Urban Wellness (-$24,855)

    • Purlife (-$23,082)

    • Altitude Cannabis (-$1,682)

    • Ultra Health (-$1,238)

No silver linings here—Rio Rancho’s market is cooling fast, and the established names are feeling it the most.

A market once considered the heart of the storm is now showing signs of burnout, oversaturation, and lack of foot traffic conversion.

Southern NM

• Net Trend: - $822K

• Las Cruces: - $301K

• Deming, Chaparral, and Alamogordo each down between $44K–69K

  Sunland Park: - $269K

  • Net Trend: -$269,345 | 30 Stores Reporting

    Despite being one of Southern New Mexico’s most saturated markets, Sunland Park’s Big 5 brands all posted losses in June, signaling a clear slowdown in consumer momentum.

    Top 5 Declines:

    • Top Crop (-$230,108)

    • Dark Matter (-$107,543)

    • Fields of Dreams (-$41,463)

    • Besos Dispensary (-$34,875)

    • Cookies (-$31,154)

This group, once dominant in the region, now appears overextended. Even long-standing players like R. Greenleaf and PVP reported drops.

Meanwhile, a sponsored event by Mango failed to move the needle, with the shop itself reporting a -$9,815 trend for the month.

Some Relief from Newcomers:

• The new Top Crop location (same brand, new license) posted an impressive +$273,198 in its first month, and smaller independents like Old Gods, Apogee, and Green Labs saw minor but positive gains.

These border towns are hemorrhaging sales, possibly due to waning cross-border traffic and local fatigue. Sunland Park, once a darling of Texas-driven tourism, is now looking like it had a tough month.

Eastern NM

• Net Trend: - $585K

• Hobbs: - $206K

• Roswell & Clovis: Each over -$89K

If your brand is trying to “expand east,” you’re probably lighting money on fire.

Western NM

• Net Trend: - $167K

• Gallup (-$65K) and Silver City (-$81K) led the losses

Very little growth here. Even a low number of stores couldn’t keep the bleeding from showing.

Northern NM

• Net Trend: - $165K

• Santa Fe: - $32K, though the city has 55 stores

• Farmington: - $127K

Meanwhile, Red River and Angel Fire had mild positive trends, but with only one store each, they barely register as market movers.

Tiny Wins in a Sea of Losses

A handful of towns did manage to post positive trends. Let’s call them the survivors:

• Cloudcroft: +$11K - Single Store; Laughing Leaf

• Ruidoso: +$10.6K

  • Net Trend: +$10,615 | 26 RTL Licenses

    Ruidoso was one of the few towns in New Mexico to post a positive trend in June, thanks mostly to a few strong performers along Sudderth Drive.

    Top 5 Performers:

    • The Greenery Room (+$8,328)

    • Elevation 6420 (+$6,589)

    • Zs Bud Board (+$5,570)

    • R. Greenleaf (+$5,160)

    • Chillax Glass (+$4,043)

    These five stores alone accounted for nearly all of Ruidoso’s gains.

    Bottom 5 Performers:

    • Munchiez Cannabis (-$16,095)

    • PVP (-$8,664)

    • Monster House (-$2,444)

    • Oso Cannabis Co. – 1100 Sudderth (-$848)

• Santa Rosa: +$10K

• Red River: +$34.4K (Top positive performer) - Thanks to a single store; The Vault

They’re not setting the world on fire, but they’re breathing. For now.

Takeaways

• Consolidation is coming. These negative trends aren’t just statistical noise—they’re warnings. Many towns are overbuilt and under-shopped.

• Albuquerque's burnout is real. With over 300 stores and negative trend, the core of the state is cracked.

• Border towns aren’t saving anyone anymore. Sunland, Las Cruces, and Hobbs used to be lifelines. Now they’re liabilities; as Texas continues to battle with Hemp, and now the whispers of moving to a regulated market.