How to get a Cannabis Business License in New Mexico
Do you want to know how to get a cannabis business license in New Mexico? Through House Bill 2, passed on April 12, 2021, New Mexico legalized adult-use marijuana, allowing the possession and consumption for individuals 21 years or older. Since then, the Cannabis Control Division is the entity responsible for regulating the adult-use cannabis program.
With 10 types of licenses available, and some hoops to jump through, New Mexico -as other states- requires special attention to regulations in order to stay compliant with the adult-use cannabis program. However, economic projections have shown that recreational cannabis sales in New Mexico could total as much as $318 million in the first year alone.
So, even though the licensing process requires special attention to details, the results may be worth it.
What types of cannabis business licenses are there in New Mexico?
According to House Bill 2, there are 10 different types of adult-use cannabis licenses available in New Mexico:
- Adult-Use Producer License
- Adult-Use Manufacturer License
- Adult-Use Retailer License
- Vertically Integrated Cannabis Establishment
- Cannabis Producer Microbusiness
- Integrated Cannabis Microbusiness
- Adult-Use Cannabis Courier
- Cannabis Consumption Area
- Cannabis Research Laboratory
- Adult-Use Cannabis Testing Laboratory
RELATED POST: HOW TO GET A MARIJUANA BUSINESS LICENSE IN MICHIGAN
RELATED POST: HOW TO GET A MARIJUANA BUSINESS LICENSE IN MASSACHUSETTS
Fees for a cannabis business license in New Mexico
The licensing fees for New Mexico’s cannabis business licenses are as follows:
- Adult-Use Producer License: $2,500/year – $1,000/year for each additional licensed premises
- Adult-Use Manufacturer License: $2,500/year – $1,000/year for each additional licensed premises
- Adult-Use Retailer License: $2,500/year – $1,000/year for each additional licensed premises
- Vertically Integrated Cannabis Establishment: $7,500/year – $1,000/year for each licensed premises. It cannot exceed $125,000
- Cannabis Producer Microbusiness: Up to $1,000/year
- Integrated Cannabis Microbusiness: Up to $2,5000/year – $500/year for each additional licensed premises
- Adult-Use Cannabis Courier: $1,500/year – $1,000/year for each additional licensed premises
- Cannabis Consumption Area: $2,500/year
- Cannabis Research Laboratory: $2,500/year – $1,000/year for each additional licensed premises
- Adult-Use Cannabis Testing Laboratory: 2,500/year – $1,000/year for each additional licensed premises
You have to have in mind that these costs are only the official fees in order to apply and maintain a license in the state. However, you have to take into account real estate as well as operational/day-to-day costs in order to factor in how much money you will need to spend to get the operation going.
How to get a cannabis business license in New Mexico?
If you want to check specific requirements so far established by House Bill 2, you’d probably want to check out our “How to Apply for an Adult-Use New Mexico Cannabis License” post. As mentioned there, the specific requirements needed in order to apply for a license are not out yet, and final license rules are due by January 1, 2022, with licenses themselves having to be issued no later than April 1.
However, what is clear is that, in order to obtain a cannabis business license in New Mexico, you will have to submit an application for which you will need to prepare a cannabis business plan.
That business plan should include the following items:
- Executive Summary
- Company Description
- Market Analysis
- Competitive Analysis
- Management & Operations
- Marketing and Sales
- Financial Summary
- New Mexico-Specific Requirements
To gain perspective of your future operations, a cannabis business plan is vital, as it is the blueprint to your cannabis business.
If you want more information regarding what could you do in order to stay compliant with the cannabis industry in New Mexico, don’t hesitate to contact us.
If you want to be updated on the current state of Cannabis legalization, you should check out our map of marijuana legality by state.
RELATED POST: HOW TO GET A CANNABIS BUSINESS LICENSE IN CALIFORNIA
RELATED POST: VIRGINIA SOCIAL EQUITY CANNABIS LICENSE