Many legacy marijuana businesses in New Mexico are closing or downsizing because the state has issued so many licenses the market is oversaturated.
As of September, the state had doled out more than 1,000 retail cannabis licenses, according to the Albuquerque Journal, which cited figures from the Cannabis Control Division (CCD).
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The CCD of the New Mexico Regulation & Licensing Department regulates the state’s adult-use and medical cannabis industry.
For perspective, Colorado’s population is twice that of New Mexico but had 903 retailers as of June, according to figures the Journal obtained from that state’s Marijuana Enforcement Division.
“There’s too many testing facilities; there’s too many manufacturing people – everybody’s making a gummy,” Erik Briones, owner of Minerva Canna Group, told the newspaper.
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