MJBizMag January 2022 - 42
OPEN FOR
BUSINESS
A potential 'land
of enchantment'
for entrepreneurs
as state converts
to a recreational
marijuana
market
By Omar Sacirbey
NEW MEXICO
Ballot initiative or legislation:
Gov. Michelle Lujan Grisham signed House
Bill 2, which was passed April 13, 2021, during
a special session by the state Legislature.
Regulatory agency: Cannabis Control Division
Business license types: Micro-cultivation
and commercial cultivation, manufacturer,
retailer, vertically integrated establishment,
integrated microbusiness license, testing
laboratory, research laboratory, courier,
consumption area.
License caps: None.
Out-of-state applicants: Allowed.
Product types: All products will
be available.
Anticipated sales launch: The law says
sales must begin no later than April 1. The
application process for micro- and commercial
cultivation licenses opened in August, while
other application processes began before the
Jan. 1 deadline.
2021 estimated medical sales:
$180 million-$220 million
42 January 2022 | MJBizMagazine
Predicted size of market: MJBizDaily
predicts New Mexico's adult-use market will
generate $125 million in sales the first full
year and $350 million by the fourth year.
Local control and opt-in/opt-out rules:
Local jurisdictions might not prohibit
recreational cannabis businesses outright, but
they can establish zoning regulations that
limit where companies may locate.
Social equity provisions: The legalization
bill mandates that regulators ensure licensing
diversity. It also enables Native American
communities to participate in the market
through regulator agreements. According to
the Marijuana Policy Project:
* Rules must include " procedures
that promote and encourage full
participation in the cannabis industry
... by representatives of communities
that have been disproportionately
harmed by rates of arrest through the
enforcement of cannabis prohibitions,
2021 state population and patient
numbers: With 2.1 million residents and
126,231 cardholders as of Oct. 31, medical
marijuana patients make up 6% of the
population.
rural communities likely to be impacted
by cannabis production and agricultural
producers from economically
disadvantaged communities. "
* Rules must include procedures to
encourage diversity among applicants,
licensees and their employees.
* The Cannabis Control Division will
develop a certification for cannabis
produced by microbusinesses
or licensees that are owned by
someone from a community that was
disproportionately harmed by cannabis
prohibition.
* The agency will produce annual reports
on diversity in the industry.
N
ew Mexico has no license caps.
Municipalities can't outright ban
marijuana businesses. Cannabis
business application and licensing fees
are comparatively reasonable.
What does this mean for cannabis
companies? New Mexico might be the
easiest new market to break into. But
staying afloat and competing against
established players and incoming
multistate operators will require an
entrepreneur's A-game.
MJBizMag January 2022
Table of Contents for the Digital Edition of MJBizMag January 2022
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