Opening a Dispensary in New Mexico
New Mexico has truly spectacular views and a southwestern mix of cultures. In addition to that, the state has a decade-old cannabis industry that is continuously and rapidly growing. In 2007, Senate Bill 523, also known as the Lynn and Erin Compassionate Use Act was approved and legalized the possession, use, distribution, or sale of medical cannabis in New Mexico. Several criminal penalties for the possession and use of cannabis by patients with qualifying medical conditions were removed. Qualifying patients are those with debilitating conditions.
The medical cannabis program allows registered patients to possess up to eight ounces in a period for no more than 90 days. New Mexico cannabis growing laws allow patients to cultivate up to four mature plants and 12 immature plants at any given time. A dispensary can only dispense 230 units of cannabis. Patients choosing to cultivate their own cannabis must apply for a license.
The State of New Mexico’s Cannabis Market
Currently, there are 50 licensed cannabis dispensaries in New Mexico with an estimated number of 50,954 registered patients. At the end of 2016, the size of the cannabis market in New Mexico exceeded 50.6 million dollars. The market is increasingly growing, and the sales have even overshadowed the New Mexico alcohol and green chili market.
In February 2015, the Department of Health added some new regulations to the already existing New Mexico cannabis laws. Applications for non-profit producers were reopened to allow the statute to include several medical cannabis facilities. The law also allows cities and counties to develop new rules for growers, distributors, and sellers. As such, they have the discretion to ban them entirely if they choose.
The state’s Department of Health established a Patient Registry Program that regulates and monitors the registration and licensing of providers, patients, and caregivers.
Licensing Requirements for Medical Dispensaries
To open a dispensary in New Mexico, investors and entrepreneurs have to undergo a rigorous licensing application process. To start, you must be a New Mexico resident, although there is no specification of the time frame of your residency. Also, you’re required to submit a copy of your driver’s license or show your New Mexico residency with a federally issued photo identification card. Licensed Non-Profit Producer is a single license for New Mexico cannabis dispensaries that deal with cultivations and sale. Manufacturers have separate license types. Application fees vary depending on the type of business.
American Cannabis Company, Inc.
When you work with American Cannabis Company, we will help you draft and submit the necessary licensing and permit documents and applications in New Mexico. American Company offers many services including consulting for startups, management of existing dispensaries and cultivations and accounting services; and the list goes on. Contact us to find out more about our services and how we can help you.