When Will Nm Hand Out Dispensary Licsens Again
New Mexico Cannabis License Solutions
Our experienced team at Cannabis License Experts (CLE) will assist you in obtaining your New Mexico cannabis license quickly and with an unrivaled success record. Having to repeat your New Mexico cannabis license application procedure can set your business back by months and substantially reduce your earning potential. Book your free consultation today and let us show you how we'll help you on your path to a New Mexico cannabis license and much more.
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New Mexico is one of the most exciting emerging cannabis markets in the US. The state has a fast-growing medical NM cannabis market that provides a solid backbone for the adult-use market, which will officially open for business on or before April 1, 2022. This is a promising medical and recreational NM cannbis market with basic state oversight and an emphasis on the Department of Health. The combination of relatively low licensing fees and NM cannabis tax rates, plus the lack of caps on licenses, suggests there will be an initial rush for new NM cannbis applicants once the adult-use market opens.
On March 13, 2007, Senate Bill 523 was approved, effectively removing all state-level criminal penalties following a bill to legalize adult-use NM cannabis passed the House of Representatives in March of 2019. However, recreational cannabis did not become legal in New Mexico until June 29, 2021 under the Cannabis Regulation Act. While state regulators still have several details still to be determined, some NM cannbis regulations outlined in the bill include personal possession and cultivation limits. The online portal opened in 2021 for NM cannabis business owners to have access to the streamlined online system to submit their applications. Analysis on the current New Mexico market reflects 2022 revenues estimated to be in the range of $551 million ($289MM medical and $262MM adult-use).
Book a free consultation today to learn more about how Cannabis License Experts can assist you and your team on the path to a variety of NM cannbis licences.
NM Cannabis Licensing Requirements, Timelines, and Selection Processes
The New Mexico Department of Health oversees licensing for the state. The Cannabis Control Division regulates all licensees operating cannabis markets in New Mexico. Cannabis operators are overseen by The Medical Cannabis Program (MCP) and The Department of Taxation and Revenue. This includes reviewing applications and issuing NM cannabis licenses for adult-use cannabis establishments.
NM Cannabis Licensing requirements are listed below:
- A social and economic equity plan
- Proof of age for every controlling person
- Demonstration of a water right
- A diagram of the premise
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Financial Requirements
Common for most jurisdictions as a mandatory component of the application is the requirement for a minimum amount of liquid cash on hand to ensure that applicants have the financial wherewithal from the The NM cannabis licensing process through to the initial 2-5 years of operation. General requirements for NM cannabis license applications include bank statements, CPA letters, Letter of Credit, or similar documentation. Additionally, a 2-3 year Pro Forma is also submitted as a component of the formal Business Plan. Fees are as follows:
- Couriers - $1,500 courier fee per year and $1,000 for each additional licensed premises
- Producers (aka cultivators) - $2,500 and Up
- Manufacturers: $2500 annually and Up
- Retailers: $2500 annually and Up
- Producer Microbusinesses: $500 and Up
- Cannabis Consumption Areas: Up to $2,500.00/year
- Vertically Integrated Establishments: $7,500 and Up
- Integrated Micro Businesses: $1,000 - $2500 annually
- Cannabis Testing Laboratory: $2500 annually
- Cannabis Research Laboratory$1,000 - $2500 annually
NOTE: Fees are reduced by half for medical only licensees. Annual Fees also apply which may not be listed.
NM Cannabis License Types
New Mexico has created 10 adult-use NM cannabis license types with vertical integration encouraged in several key types. Those license types and fees are as follows:
- Couriers
- Producers (aka Cultivators)
- Manufacturers
- Retailers
- Producer Microbusinesses
- Cannabis Consumption Areas
- Vertically Integrated Establishments
- Integrated Micro Businesses
- Cannabis Testing Laboratory
- Cannabis Research Laboratory
| Total # of NM Cannabis Licenses | |
|---|---|
| Existing number of licensees is not currently known at the time of this report. | |
| Dispensary: | 12 |
| Population in 2019 | 560,513 |
| Basic Demographic Information | |
| Resources include the US Census Bureau, City-Data.com, and any additional relevant resources. | |
| Total # of Counties | 33 |
| Total # of Cities/Towns | 106 municipalities consisting of cities, towns, villages and an incorporated county |
City of Albuquerque
Median Home Price
City of Santa Fe
84.683
Country Population in 2019
NM Cannabis Business Climate
Overall, the majority of the state has embraced the formal legalization of NM cannabis for both medical and recreational use. With few notable exceptions, licensing of all cannabis operations continues to be moving at a reasonable pace.
New Mexico ranked as the 18th best state to start a business in the United States in recent studies through 2021. Comparatively, New Mexico is a poorer state and among the lowest in the country in per capita income. About one-half of its economy is based on the service sector. Although the cost of living is relatively low, the schools and infrastructure keep this state among the lower end of opening and running private business.
Real Estate & Zoning
Consideration for regional and local zoning with regard to allowed proximity to certain business types, schools, and other prohibited areas. Cannabis production and manufacturing will be allowed in industrial zones M-1/M-2 and M-3. Cannabis industry will be allowed to have accessory retail that's either 5,000 square feet of space or up to 49 percent of the building's total square footage, whichever is less. A Statement of Zoning may be required for certain jurisdictions.
Frequently Asked Questions
Who can sell cannabis in New Mexico?
Only dispensaries that have received a license from the Cannabis Control Division can legally sell cannabis to consumers either through the adult-use program or through the medical cannabis program. While there are 10 different types of cannabis business licenses available, only specific license types can sell directly to consumers.
What is commercial cannabis cultivation and processing?
Cannabis cultivation is the process of growing cannabis within a regulated environment for the consumption via a medical or adult-use cannabis program. Generally cultivation refers to the agricultural activities associated with the propagation and growing of cannabis. Cannabis processing is when you manufacture finished cannabis products, packaging of dried flowers or manufacture and package cannabis-based products (i.e. extracts, edibles, and topicals). To be able to produce cannabis and cannabis derived products commercially a specific license is required, requirements depend on the state in which you are locating this business.
Can cities/towns ban cannabis facilities from locating in their jurisdiction?
While the adopted regulations for New Mexico's adult-use cannabis program doesn't allow for local municipalities to out-right ban licensed cannabis facilities from locating in their jurisdiction, cities and towns can place restrictions on zoning to limit where businesses can be located as well as limiting the proximity to day-care, schools, and other cannabis businesses.
Does New Mexico have a social equity program for applicants and licensees?
Yes, New Mexico has tasked the Cannabis Control Commission with defining social equity in consideration to it's cannabis program as well as creating a program to open up business opportunities for individuals fitting this definition. The Cannabis Control Commission has defined social equity as "Social and Economic equity applicants, licensees and employees includes individuals who have been disproportionately impacted by the War on Drugs and other underrepresented groups including low-income, Indian Nations, Tribes, Pueblos, Acequia Parciante and Land Grant-mercedes, and distressed farmers."
One-Stop Business Solutions Provider
When you partner with CLE, you are able to leverage our proven knowledge and best industry resources to provide you a complete Cannabis Business Solution.
- LICENSING
- REAL ESTATE SEARCH
- DESIGN & BUILD
- SECURITY
- DIGITAL MARKETING & DEVELOPMENT
- EQUIPMENT TENDERING
- INTELLECTUAL PROPERTY PROTECTION
- Banking & Insurance
- Merger & Acquisitions
- Private Label Manufacturing
- Micro-Grow Franchising
- Human Resources
Don't Know Where To Begin? Get Started Now
Applying for a NM cannabis license and unsure where to start?
Applications for all NM cannabis license types are currently available and are accepted on a rolling basis. Cannabis License Experts can help guide you through the NM cannabis licensing process from start to finish. Not sure where to start? CLE can develop a preliminary business and feasibility plan to help give an understanding of business viability within the local climate.
In order to get started, reach out to one of our regulatory experts today to learn more about Cannabis Business Solutions.
Source: https://cannabislicenseexperts.com/new-mexico-cannabis-licensing-solutions/
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