Cannabis Status: Pending, Sales begin April 1, 2022
Less than 24 hours after New York officially legalized commercial cannabis, the state of New Mexico passed an adult-use cannabis legalization bill through the State’s Senate and House of Representatives and has been signed into law by the Governor. In order to support entrepreneurs with small amounts of capital, New Mexico will be allowing a small microbusinesses license type, able to grow up to 200 plants and process and sell cannabis products all under a single license.
Population: 2.097 million Median Income: $49,754 Cannabis Uses: Manufacturer, Producer, Research Laboratory, Testing Laboratory, Vertically Integrated Cannabis Establishment, Cannabis Producer Microbusiness, Integrated Cannabis Microbusiness State Cannabis Overview: In April, 2021 Governor Michelle Lujan Grisham signed the states cannabis bill into law. Now the state’s new Cannabis Control Division will begin developing final rules and regulations for the licensing process. Final license rules would be due from the state by January 1, 2022, with licenses themselves issued no later than April 1.
Distance Requirements: TBD. Final regulatory and licensure will be centrally controlled by a new Cannabis Control Division. Unlike most other states, New Mexico will not allow municipalities to ban cannabis businesses in their cities. Municipalities could, however, use their local zoning authority to limit the number of retailers or their distance from schools, daycares or other cannabis businesses.
Caps: There are no set limits for the number of licenses that will be issued, however regulators could stop issuing new licenses if an advisory committee determines that “market equilibrium is deficient.
Medical marijuana: Dispensaries are required to pay a gross receipts tax, which varies across the state from 5.125% to 8.8125%
Adult use: Marijuana sales are subject to the “cannabis excise tax,” which begins at 12% and is supposed to increase to 18% by July 1, 2030.
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Available New Mexico Cannabis Business & Property Listings
Review our New Mexico cannabis real estate for sale or lease below. We also have businesses in New Mexico state for sale with a cannabis license. Contact us for more information and sign up to be a buyer or a seller on our website to get started with your property in the state of New Mexico.
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