New Mexico ready to launch its $400-million adult-use marijuana industry

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New Mexico’s new adult-use cannabis market is going to launch in April

It appears that all preparations are in place for New Mexico to launch the country’s newest adult-use cannabis market early next month. What is known so far is that its focus will be based on providing opportunities to local small businesses, being the first state to establish a recreational industry next to Texas. Forecasts from several analysts indicate that sales will be able to reach $400 million within five years.

Part of these huge profits could be seen thanks to the influx of Texans looking to cross borders to buy recreational cannabis products. Texas, with a population of close to 30 million (the second most populous in the country), remains a true marijuana desert, with a limited and not at all extensive medical cannabis market.

“Our studies show that between 40% and 42% of all adult-use cannabis consumption will be derived from out-of-state purchases, particularly from Texas,” said Duke Rodriguez, CEO of the state’s largest cannabis company, Ultra Health.

In contrast, the launch of recreational marijuana in New Mexico has not had to wait so long to become a reality, coming a year after state lawmakers passed the necessary bill. All properly licensed businesses will be able to start selling as of April 1. Some retailers and producers are still developing their operations and/or obtaining the corresponding municipal approvals.

New Mexico’s program features microbusiness categories, unlimited licenses, and a discounted license fee for retailers who accept cannabis products on consignment from a microbusiness producer. All those who wish to apply for a license must demonstrate that they have a water source or at least rights to meet their needs.