Recreational Marijuana Legal in New Mexico on April 1

Industry News - Recreational Marijuana Legal in New Mexico on April 1

As of April 1, 2022, adults aged 21 and above will be allowed to purchase 2 ounces or 57 grams of marijuana (approximately 60 joints) from retail outlets in New Mexico.

Interestingly, it has been 15 years since the state legalized medical marijuana. On that note, future supplies will be reserved for terminally ill cannabis patients.

Allied lawmakers are hoping that this step will put an end to black markets, create more job openings, and provide a new source of government income.

Thus far, the Land of Enchantment has licensed over 500 businesses for producing and selling cannabis products. This includes greenhouses, outdoor farms, retail outlets, etc.

In addition to that, the new cannabis control office will license third-party lab testing and lounges for consuming marijuana. This is so the products are contaminant-free and have the correct potency as listed on the labels.

In fact, 225 licensed retail outlets are already approved. However, not all of them will open their doors on day one.

New Mexico is also trying to help minority communities and impoverished households. Namely, the state wants these groups to have a foothold in the cannabis industry.

This includes making it easy for them to get licenses, giving out state-subsidized loans, and having product certification that encourages people to buy products from Black and Latino-owned cannabis businesses.

On that note, the New Mexico Finance Authority is preparing a loan program for entrepreneurs who start cannabis micro-businesses, like craft breweries. The average loan size will be about $100,000.