CannDev in New Mexico
New Mexico opened up for recreational retail cannabis in April 2022. Every city in New Mexico is open for cannabis retail which means it will be a somewhat saturated market. Which means site selection is crucial to having a successful store.
Cities nearby borders of Mexico and Texas are in high demand as large population centers will be crossing into New Mexico in order to get access to Cannabis. Additionally, ski resort towns that receive a lot of tourism can also be a good option for expansion. Large cities in New Mexico such as Santa Fe and Albuquerque are already quite saturated with many stores.
We are selectively working in New Mexico to identify and secure locations with high revenue potential nearby the Texas and Mexico border and in high tourist areas.
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By default all 105 municipalities in New Mexico is allowing for recreational cannabis retail sales, as they cannot opt out.
Applications are currently open in New Mexico.
New Mexico is a market with no caps on licenses. This means that there is potential for market saturation and retailers must be very careful with site selection and open a store with the right real estate location.
An application must be submitted at a state level and they are processing applications on a first come first served basis. Compared to other states New Mexico is a very easy state to receive a cannabis retail license. It’s process is more similar to Oklahoma.
Real estate is not required when you first submit at a state level. However, it is required prior to the start of business operations and a good strategy is to have a solid, compliant real estate as early in the process as possible.
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