The state of New Mexico passed new cannabis laws earlier this year. Under the new state laws, it is legal to grow marijuana at home. The recreational use of marijuana is also legalized. The pro-legalization activists are hailing these new laws as a step in the right direction. New Mexico has legalized the medical use of marijuana since 2010. Since 2015, people have been pushing for legalization on wider terms.
The new cannabis laws shift New Mexico’s cannabis market towards an open-for-business-style market. The application and licensing procedure are available on the state’s online portal. The issue is about the number of licenses that the state is going to issue.
New cannabis laws and licensing process
The new cannabis laws of the state of New Mexico legalize the use and production of marijuana for recreational purposes. Business owners see this as a promising opportunity. The state’s application process is simple.
Who can apply?
The licensing process is open to everyone. So, anyone who has 2000 dollars can apply for a license. The application form requires basic information about the business owner and the operation. Applicants have to submit copies of the required documents.
The state has a 90-day time period to review an application. The applicant will be informed about the status of their application. The licensing department can ask for further documents from the applicant. The state can also inspect the applicant’s operation and suspend their license if the application is submitted under pretense.
Everyone can apply for a license, but the state will be massively shortlisting the applications.
The current state of applications
Nine hundred application forms have been submitted in the first week of the application process. The application numbers have only been piling up since then. Cannabis law experts say that only a fraction of those application forms were complete and likely to get licensed.
Medical business owners
New cannabis laws have made cannabis business open to everyone in the state. But, since 2010 and 2015, major medical business owners have been working in the state. Experts think that medical business owners are most likely to obtain a license under new laws. Medical business owners are already familiar with the state’s licensing operation. They have water rights laws as well.
New Mexico’s new cannabis laws do not have any limit for the number of licenses. Experts think that because of the massive influx of applications state might implement a limit later.
Theoretical licenses likely to be issued
Suppose we take the licensing process and new cannabis laws into consideration. We can estimate thousands of licenses are likely to be issued over the next year. The department of regulations requires an application and a set-up, and the owner is good to go.
The water rights laws are a very tricky subject. Cannabis business owners are likely to get rejected because of water rights. Also, the state of New Mexico has a major water problem. Therefore the experts have estimated that only a small number of applicants will be accepted under new cannabis laws.