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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).
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, Inc. , told the newspaper.
When Republican presidential candidate Donald Trump came out in favor of Amendment 3, the adult-use marijuana ballot measure slated for a vote on Nov. 5, it was yet another surprising wrinkle in the ongoing effort to legalize recreational cannabis in Florida.
“As a Floridian, I will be voting YES on Amendment 3 this November,” Trump wrote on his social media network, Truth Social on Sept.8.
Supporters of the measure are hopeful that the former president’s support will nudge some of the undecided voters – who represent 15% of the electorate – in the direction of a “Yes” vote.
Congress ought to “state clearly” that hemp-derived THC and other intoxicating cannabinoids extracted from hemp are subject to the Controlled Substances Act (CSA), according to a new report sponsored by federal health authorities.
States should also follow “product quality and analytical standards” for cannabis flower and extracts set by the U.S. Pharmacopeia rather than conflicted regulations impacted by marijuana industry lobbying, according to a National Academies of Science, Engineering, Medicine report released titled, “Cannabis Policy Impacts Health and Health Equity.”
The day after California Gov. Gavin Newsom vetoed a bill that would have allowed small farmers to sell their cannabis products directly to consumers,?he signed a separate measure?to legalize marijuana cafes akin to those in the Netherlands.
“Lots of people want to enjoy legal cannabis in the company of others and many people want to do that while sipping coffee, eating a sandwich or listening to music,” the bill’s author, Assembly Member Matt Haney, said in a statement.
“That is now finally legal in California, and there’s no doubt that cannabis cafes will bring massive economic, cultural and creative opportunities and benefits to our state.”
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The cannabis cafe law takes effect Jan. 1, “pending approvals from local governments,” according to San Diego TV station KNSD.
In a volatile economy, luxury goods often take a hit.
But a surprising trend has emerged in the cannabis industry: Many premium brands are not only surviving but thriving.
Despite economic uncertainty, luxury marijuana products continue to attract discerning consumers seeking premium experiences.
“Some consumers want the best in any category – cannabis or not,” said Dana Mason , vice president of brand marketing at Chicago-based Cresco Labs , producer of high-end brands Mindy’s Edibles and FloraCal.
“There are people who appreciate premium products and are willing to pay more.
“Luxury brands are targeting a different consumer group than those looking for that everyday value.”
Exclusivity – characterized by high price points and limited availability – is the key element of luxury goods, cannabis executives say.
“You can’t have a premium product at a value price, otherwise, that product isn’t going to be premium for long,” said Nick Ortega , co-founder and CEO of Southern California-based flower and pre-rolls brand Claybourne Co.
MJBizDaily spoke with representatives from premium marijuana brands in different categories to see how they’re faring in today’s shaky economy.
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