Home New mexico tax Growing Forward: Day 1 of Adult Sales

Growing Forward: Day 1 of Adult Sales

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As expected, many cannabis dispensaries in New Mexico lined up and one company kicked off the first day of recreational cannabis sales at midnight. New Mexico customers made more than $5 million in cannabis sales, medical or recreational, during the first weekend of legal adult-use sales, according to state regulators.

Growing Forward, the collaborative cannabis podcast between NM Policy Report and New Mexico PBS was on the ground on opening day to talk to dispensary operators and new customers about what legalization means to them.

To mark the occasion, Governor Michelle Lujan Grisham visited Everest Apothecary in Albuquerque. Lujan Grisham greeted the dozens of people online and then spoke to reporters about the historic day.

“That’s what the New Mexicans said they wanted,” Lujan Grisham told reporters. “They said they wanted it long before I raced.”

The dispensaries that opened their doors to adult cannabis users were largely legacy cannabis producers who had been licensed by the state’s medical cannabis program for nearly a decade or more. But a newly licensed business, Carver Family Farm, was able to grow enough cannabis to open on April 1.

Andrew Brown, co-owner and cultivation manager of Carver Family Farm, told Growing Forward that his business is doing well under the state’s requirement that micro-enterprises like his have no more than 200 plants. mature. But, Brown said, a provision in the law made it impossible to wholesale products like Carver Family Farm from other, larger companies.

“We’re understaffed, so we’re not too worried about the number of plants, Brown said. “It’s just a kind of offensive in a capitalist society that we can’t buy in bulk.”

Some cannabis producers in New Mexico have expressed concern about the possibility of medical cannabis shortages due to increased sales for recreational purposes. And many dispensary operators who spoke to Growing Forward said the wholesale cannabis market in New Mexico is essentially non-existent, as many growers are holding onto their supply until it’s clearer what the market will be. real demand.

Robert Jackson, executive director of Seven Point Farms, a cannabis company that opened its first dispensary in Albuquerque on April 1, said the first day of adult-use sales was “wild” but that his company said the was preparing.

“We’re lucky to be an established grower and we’ve really focused on cultivation, so we’re pretty confident that we can weather a big storm of shortages if that happens,” Jackson said.

But, Jackson said, his phone had been “ringing nonstop” from potential cannabis retailers looking for something to sell.

“There are a lot of people putting a lot of money into opening these stores and they don’t have product,” Jackson said.

New Mexico Deputy Superintendent of Regulation and Licensing Victor Reyes told Growing Forward that the first day of sales was a success.

What we’re seeing is New Mexicans coming out to support New Mexico businesses, and there’s a lot of excitement there,” Reyes said. “We are truly grateful for the partnership we have had with members of the industry, with companies both in preparation and in deployment today.”

Revenue from the state’s cannabis excise tax is expected to generate approximately $50 million in revenue for the state.

Listen to the full episode of Growing Forward below.