In addition to high-profile efforts to improve public safety and education, Gov. Michelle Lujan Grisham has called on lawmakers to address cannabis during the 30-day legislative session.  Lujan Grisham issued a message on Thursday afternoon, authorizing lawmakers to add changes to the Cannabis Regulation Act to the legislative agenda.  The governor’s message pertains to SB 100, which is sponsored by state Sen. Linda Lopez, D-Albuquerque.

An emergency state-level rule change doubled the number of cannabis plants that licensed growers can cultivate at one time, but some in the industry are concerned that the change is too little, too late to meet demand for the start of recreational sales in April.

The cannabis industry has been unbanked and underserved for years, often resulting in adverse impacts on public safety in communities where cannabis is legal.

On Monday, New Mexico Attorney General Hector Balderas announced that New Mexico-based U.S. Eagle Federal Credit Union is the first financial institution in the country to become certified for outstanding U.S. monetary banking protocols in banking cannabis and hemp operation.

The certification is part of a financial services certification program run by the Policy Center for Public Health & Safety in collaboration with state attorneys general as well as a broader certification effort being implemented by ASTM international and PH&S.

Pecos Valley Production (PVP), a New Mexico medical cannabis company, has announced that their most recent fundraiser and partnership with the Anita Salas Memorial Fund generated an unexpected and philanthropic amount of money. During the month of October, PVP focused on raising money by educating their medical cannabis patients and ultimately asking them for a donation at checkout. Patients received entries into raffle baskets and mystery bags for their contribution efforts.

Additionally, PVP ran an internal contest throughout their stores to see which store could raise the most money. The reward for the winning store was $500 and was spread throughout the employees at the victorious location.

New Mexico’s law enforcement agencies are among the many public entities bracing to see how recreational cannabis will change the state. Since the law passed in late March, a prominent northwest New Mexico sheriff has been expressing his concerns over how officers and deputies will enforce the new law and other outcomes that may come with it.

New Mexico will provide business loans of up to $250,00 toward small-scale cannabis businesses in an effort to provide economic opportunity to communities that were hit hard by past criminal enforcement of marijuana laws.

The Regulation and Licensing Department on Thursday announced that the loan program is moving forward, after a legislative panel provided approval this week.

The New Mexico Finance Authority is planning for a $5 million line of credit for cannabis entrepreneurs, with average loan size of about $100,000. The application process is expected to open in February.

Marijuana microbusinesses are a hot trend across the country, giving small businesses a better chance of breaking into the lucrative cannabis market.

The marijuana microbusiness is catching fire. Michigan issued its first microbusiness license to Sticky Bush Farms in September 2020. Officials in New Mexico, which has made offering opportunities to as many entrepreneurs as possible a key component of its legal marijuana industry, are considering new rules to allow the state to make loans available to single-location microbusinesses.

New York officials also made microbusinesses part of the state's legal recreational cannabis program. State officials have set a goal that half of all microbusiness licenses will go to social and economic equity candidates.

As New Mexico regulators comb through applications for cannabis businesses and craft further rules and regulations, some industry hopefuls as well as industry veterans are starting to get nervous about timing. 

By law, the New Mexico Regulation and Licensing Department must start issuing cannabis production licenses by Jan. 1, 2022. On April 1, 2022, recreational-use cannabis establishments are expected to open their doors. But, according to some cannabis producers, that timing makes things difficult. Some who are still waiting for their applications to be approved said it would be impossible to start selling cannabis products on the first day if they are not licensed before the start of next year. 

New Mexico might implement new laws that would limit recreational cannabis tourism. Officials claim these limits would ensure public safety.

Regulators in New Mexico held a public hearing this week to discuss rules for the state’s forthcoming recreational cannabis market. 

The state’s Regulation and Licensing Department, as well as its Cannabis Control Division, fielded questions and comments from the public during last Thursday’s hearing over the rules that will govern cannabis retailers and manufacturers.

According to the local website NM Political Report, the comments at the hearing “varied from proposed regulations for packaging requirements, general business practices to cannabis deliveries to both businesses and residences.”