NM Goes Live With Recreational on April 1st
CANNANNEW REPORT
MJ Biz thinks there'll be an inflow of Texans. They write New Mexico is set to roll out the nation's newest adult-use marijuana market on April 1, with a focus on providing plentiful opportunities to small local businesses in the first state to establish an adult-use industry next to Texas. Sales are expected to hit $400 million within five years, with New Mexico marijuana businesses likely benefiting from neighboring Texans driving across the border to buy recreational cannabis products. The nation's second-most-populous state is a veritable marijuana desert, with a small, limited medical marijuana market. By contrast, New Mexico's adult-use launch comes one year after state lawmakers passed a recreational legalization bill. All licensed businesses can start sales on April 1, although many new producers and retailers are still building out their operations or getting municipal approvals. As a result, the adult-use rollout for newly licensed businesses is expected to be more gradual than for existing medical marijuana operators. New Mexico's program features unlimited licensing, microbusiness categories and a license-fee discount for retailers that accept cannabis products on consignment from a microbusiness producer. The program also has provisions to protect the environment in an arid state where water is considered particularly precious. License applicants must prove they have a water source or rights to meet their needs, and state officials said energy-efficiency rules are in the works. But the state's social equity program isn't yet in place, and, as in other new adult-use markets, concerns persist about potential supply shortages. MJBizDaily projects that adult-use sales will build gradually from $100 million-$125 million in the first year to $325 million-$400 million by the fifth year of the program. Texans are expected play a key role in powering sales. New Mexico retailers have set up shop near the Texas border. "Our studies show that…
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