New Mexico lawmakers advanced marijuana legalization as the House and Senate approved the bill and now awaiting the Governor's signature. Like other states have implemented, social equity, social justice and equitable opportunities for New Mexican farmers and other small businesses will be a component to the licenses issued.
Applications for production licenses and microbusinesses will be accepted by September 1, 2021, and all license applications by Jan. 1, 2022.
March 2019 | Vireo acquires Red Barn which operates two dispensaries in addition to cultivation/processing
This robust medical state has potential more than 5% patient popultions, with MSOs now that adult-use has been legalized. While there are only 35 medical awarded licenses, each operator is allowed unlimited retail locations. Cultivation licenses in the Land of Enchantment are unique in that they are capped by plant count, whereas most states work on a maximum square footage of canopy. Lawmakers are expected to law out the adult-use licensing rules and regs by July 2021 with legal adult-use sales scheduled to begin by April 2022.
Local operators should look to generate as much profitability with a first mover advantage and otherwise take the organizational steps required to maximize value in a future sale.
*35 vertically integrated businesses that are each allowed to open unlimited storefronts.