Monday, March 27, 2023

Edgewood Bought $2.5M In Legal Weed In 2022


For years, economic development reports have listed farming, ranching and traditional retail as some of Edgewood’s top industries. Starting in 2023 those reports will have to start listing cannabis as the town’s newest multi-million dollar industry. 

Data from the State’s Cannabis Control Division showed that the town’s three licensed dispensaries sold a total of $1,568,054 in recreational sales and another $939,844 in medical sales for the 9 month period since legal sales began on April 1 last year. If those sales were limited to the town’s 4,861 adult residents, every resident would have purchased $550 worth of products. But, of course, not every resident was a customer and Edgewood’s location on I-40 and Route 66 make it an easy stop off for travelers to and from locations that are not quite so accepting of cannabis legalization. 

Pecos Valley Retail at 1942 Old 66 Hwy led the town’s sales with a reported $1,136,701 in adult and medical receipts. New Mexico Top Organics, operating as Ultra Health, at 4 George Court was a close second with $968,470 in total sales. Newcomer Roadrunner Retail on Marietta Court posted $404,109 in total sales. Statewide, consumers purchased over $358 million in cannabis in 9 months, putting the program on track to become a half-billion dollar industry per year.

“This is very impressive on a statewide, macro level, but I think what’s more indicative of the early success of this industry is when you look at smaller, rural communities,” said Ben Lewinger, executive director of the New Mexico Cannabis Chamber of Commerce. 

For the Town of Edgewood, the total $1,568,054 in adult sales equals at least $86,000 in new tax revenue from April until December under the city’s local gross receipts increments and local share of the new state cannabis excise tax. Medical product sales are not taxed for patients or retailers.

Statewide, recreational users spend on average $45.31 per transaction while medical patients on average spent $52.57 per transaction. 

Edgewood ranked 26th among 64 municipalities where dispensaries are located, according to data from the state. Nearby, Moriarty reported $480,380 in total sales led by Stone Central Retail with $258,528 in total sales and Budder Pros with $222,228.  Estancia’s Mayflower dispensary reported $170,727 in year-end sales. Seven Point Farm’s Cedar Crest store on North Hwy 14 sold $753,120. Further north on 14, Madrid’s Cannabliss sold $257,838 and the  Madrid Cannabis Co. sold $136,989. Tijeras and Mountainair did not have any active dispensaries reporting sales when state data was compiled.  

Comparisons between stores should be done with caution because different stores opened at different times and may provide different products. In addition to generating sales, the legal cannabis industry is expected to create 11,000 new jobs by 2026 according to the governor’s legalization task force report from 2019.


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