The government of New Mexico has provided marijuana processor and manufacturer Vana with a $90,000 grant.
The grant to the family-owned company is the first disbursement to a cannabis business through the state’s Local Economic Development Act fund, which is meant to incentivize job creation in New Mexico.
Vana plans to use the funding “to facilitate the addition of 12 new employees with an average salary of $46,626,” according to a Monday news release from the New Mexico Economic Development Department (EDD).
“The business plans to invest $2.6 million over the next decade.”
Clovis-based Vana is the first company in New Mexico to receive a cannabis manufacturing license, according to the EDD.
“Vana and its sister companies are licensed for indoor and outdoor farms, a manufacturing facility, and two retail locations, serving both medical and recreational markets,” the agency noted.
In a statement, Vana founder and CEO Parin Kumar called the grant “a big commitment for us, and the state assistance is important to build partnerships so we can achieve long-term success as we add employees and grow.”
January adult-use cannabis sales in New Mexico totaled $34.4 million, according to data from the New Mexico Regulation & Licensing Department, with medical sales worth $11.8 million.
The state counted 1,050 total retail outlets as of the end of January.
Adult-use retailers in New Mexico cities bordering Texas, such as Clovis, do significant business selling to out-of-state customers.