Under the State’s new legalization framework, applications for new microbusinesses and new producers (growers) will open no later than September 2021. Applying for and procuring a State license is a complex process and high-stakes endeavor — but one with big opportunities for budding entrepreneurs.
Much of this new industry is not built yet. Neither are the rules. But you can start now if you know the answers to a few basic questions. See if you are ready to start your new cannabis biz:
- I have big ambitions but don’t have the resources to start big. How can I start? New Mexico created a new class of licenses just for microbusinesses, limited to 200 plants. You can even add a retail location to sell your products. If you are just starting out or don’t yet have the capital to go big, these licenses are perfect to perfect your process and start building a customer base.
- Can I team up with others to get a license? Yes! No one knows how to do everything just right. If you are a great grower, we can help match you with someone with retail experience and help you evaluate land, warehouses or storefronts to ensure they meet local zoning, security and environmental rules.
- I’m an experienced grower. Getting started is easy, right? Not necessarily. Legalizing your home grow requires you to form a new company, get business licenses, develop security and operating plans, find insurance that will cover you and banks open to cannabis. That takes a network of vendors who are experienced in navigating the quirks and nuisances of cannabis regulations. Consultants, including ours, should have a pre-vetted list of vendors working with other licensees (meaning they know what you need and how to help).
- Can you help me find the right spaces to grow and sell? Yes! Whether you want to start a large outdoor grow or boutique indoor products, we can help match you with locations ready to lease for production, manufacturing and retail.
- I heard there are incentives for minority-owned businesses. Is that true? Yes! The State’s new microbusiness license class is prioritized for minority-owned, including Black, Hispanic and Native-owned, licensees and provides incentives for retailers to purchase products from these licensees. Additional incentives are available for those who grow on acequia or land grant communities. If you need help getting your business started, the State is developing programs and economic incentives to help. If this sounds like you, New Mexico wants to help you get started!
From policy to licensing, our team has worked for years to help New Mexicans start and grow their cannabis businesses. Our team only works with a limited number of individuals and groups ready to join one of the newest and fastest-growing cannabis markets in the country.
Our goal is to be an early winner in the quest for first-round licenses for new microbusinesses and fully integrated cannabis businesses and to maximize success after the award of a license.
With first license applications open no later than September 1, 2021 now is the time to design your new cannabis business and prepare to be the first to apply and ready to go.
Contact us to evaluate your options.
P2M Cannabis, New Mexico’s Premier Cannabis Industry Advisor Group
An Albuquerque City Councilor and former chair of the governor’s legalization workgroup.
An experienced New Mexico business development consultant with experience in construction management, local business strategy and cannabis operations.
A former deputy chief of staff for Governor Martinez and policy director for the state during the last expansion of medical cannabis licensing.
Learn more at newmexico.green