New Mexico Marijuana Equity Experts Push For Co-Op Licenses, 1000 Cannabis Licenses Approved In First Year Of Rec Market

New Mexico legalized recreational marijuana last year after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act. The law took effect in short order, allowing adults to legally possess, use and grow recreational cannabis including six plants or 12 in a household with more than one adult.

Since then, the Land of Enchantment has given the green light to over 1,000 businesses producing, testing and selling cannabis, reported Santa Fe New Mexican.

These new market insights were shared with lawmakers at a Tuesday presentation on the Legislature's Courts, Corrections and Justice Committee.

Interestingly around 70% percent of those holding a controlling interest in those operations are men. The report showed that the vast majority – 67% - are white, out of which 38% percent said they have some Hispanic or Spanish origin.

Cannabis Regulatory Advisory Committee (CRAC) chair Emily Kaltenbach said the "social equity provisions" are built into the state's adult cannabis use market. Some of CRAC's 2023 legislative recommendations propose forming a new co-op license type and a community reinvestment fund into which 40% of marijuana excise tax revenue would be utilized to help communities disproportionately affected by past federal and state drug policies, reported Santa Fe Reporter.

Meanwhile, the state kicked off marijuana sales in April and after just one month, a total of $22.1 million in cannabis was sold, according to data released by the Cannabis Control Division (CCD), which is in charge of regulating production, manufacturing and sales reported the first month's figures last week.

After two months of legal sales, figures exceeded $38.5 million. The CCD projects up to $300 million in sales and $50 million in tax revenue to come in during New Mexico's first year of legal adult-use cannabis sales.

Photo: Courtesy of Maddy Baker on Unsplash