New Mexico regulators approved three recreational cannabis producer licenses, the first batch under the state’s projected $350 million adult-use program.
“With the issuing of these three licenses, the adult-use cannabis industry in New Mexico is officially up and running,” Linda Trujillo, superintendent of the state’s Regulation & Licensing Department, said in a news release.
Sales are required to begin by April 1, 2022, according to legislation passed in April.
The MJBizFactbook projects that recreational marijuana sales will reach $125 million in the first year and $350 million annually by the fourth year of the program.
The cultivation licenses were awarded to:
- A family team, consisting of Steve Martinez and sons Mitchell and Tony, in Aztec.
- Carver Family Farm in Albuquerque.
- Baudaboomz2 in Edgewood.
Carver and Baudaboomz2 are micro-businesses. Carver is a minority-owned business that plans to use water-saving, no-till and organic growing processes.
“In the coming days and weeks,” Trujillo said, “we look forward to licensing more cannabis businesses and microbusinesses so that entrepreneurs, communities and the state can maximize the economic opportunities created by a thriving cannabis industry.”
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A week ago, the state began accepting applications for every other recreational cannabis business license.
New Mexico’s adult-use program is small-business-friendly with no license caps.