New Mexico

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Wed
15
Dec

New Mexico Credit Union First In Nation To Set Up Protocols For Cannabis Banking, Blow To Illicit Dealers

cannabis cash

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.

Wed
08
Dec

New Mexico Medical Cannabis Company Donates to Cancer Fund

group of women

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.

Tue
07
Dec

New Mexico News Podcast: Is Law Enforcement Prepared for Legal Cannabis?

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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.

Mon
06
Dec

New Mexico approves public financing for cannabis businesses

marijuana leaf

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.

Fri
19
Nov

Cannabis bust on Indigenous land highlights legal divide

swat

A federal raid on a household marijuana garden on tribal land in northern New Mexico is sowing uncertainty and resentment about U.S. drug enforcement priorities on Native American reservations, as more states roll out legal marketplaces for recreational pot sales.

In late September, Bureau of Indian Affairs officers confiscated nine cannabis plants from a home garden at Picuris Pueblo that was tended by Charles Farden, a local resident since childhood who is not Native American. The 54-year-old is enrolled in the state’s medical marijuana program to ease post-traumatic stress and anxiety.

Fri
12
Nov

What's a Marijuana Microbusiness?

cannabis leaf

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.

Tue
09
Nov

The clock is ticking for new cannabis producers

greenhouse grown cannabis

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. 

Tue
02
Nov

New Mexico Considers Changes to Limit Recreational Cannabis Tourism

cannabis bud

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.”

Mon
01
Nov

Marijuana industry has only a couple banking options in New Mexico

bank vault

Verdes Foundation, one of New Mexico’s largest medical cannabis companies, is set to open its first Santa Fe shop — a dispensary on downtown Shelby Street — at the end of November. It plans another new store in the city in 2022, when the state will launch legal sales of recreational cannabis.

The company, which now operates in Albuquerque and Rio Rancho, won’t be funding these expansions with bank loans.

“We self-capitalize our growth,” Verdes CEO Rachael Speegle said. “We don’t borrow any money.”

Fri
29
Oct

NM state regulators hear from public on proposed cannabis courier, manufacturing, retail rules

cannabis products

The New Mexico Regulation and Licensing Department and its Cannabis Control Division heard from the public on Thursday during a public rulemaking hearing regarding cannabis couriers, retail establishments and manufacturing facilities. 

The comments during the meeting varied from proposed regulations for packaging requirements, general business practices to cannabis deliveries to both businesses and residences. Albuquerque-based cannabis attorney Katy Duhigg brought up a series of issues she said she would like to see changed and offered specific suggestions. Duhigg also serves as a New Mexico state Senator, but said she was not speaking in her capacity as a lawmaker. 

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