The New Mexico cannabis industry is booming. It seems like there’s a dispensary on every corner, especially here in Las Cruces. Many people have strong opinions about this—some love it, and others feel overwhelmed by the rapid growth. But no matter what side you’re on, it’s clear that this industry is here to stay.
Let’s take a moment to reflect on where we are today and what it means for businesses and consumers alike in the New Mexico cannabis industry.
A Booming Industry, But Challenges Remain
Since the legalization of recreational cannabis, the New Mexico cannabis industry has expanded quickly. We’ve seen over 1,000 dispensaries open across the state, leading some to point out that there are more dispensaries than fast-food chains like McDonald’s and Burger King combined. But with this rapid growth comes challenges. As with any booming industry, not everyone is thriving in the New Mexico cannabis industry.
Many businesses have invested heavily to get up and running. It’s not just about opening a storefront. These businesses are renovating old buildings, meeting strict health and safety standards, paying hefty taxes (over 20% on recreational cannabis sales), and dealing with high operating costs like expensive bank fees and security requirements specific to the New Mexico cannabis industry.
Despite these challenges, many operators continue to push forward with passion and resilience. As a business owner myself, I’ve seen firsthand how tough it can be. Pharmtrue, our cannabis dispensary in Las Cruces, faced its own set of hurdles. We’re located near a school, and initially, the city’s Planning and Zoning Committee denied our request to open. But after a lot of hard work and perseverance, we won our appeal and opened our doors. This is the reality of doing business in the New Mexico cannabis industry—it takes grit, determination, and a willingness to navigate obstacles.
Are There Too Many Dispensaries?
One of the biggest complaints I hear from people in Las Cruces is that there are just too many dispensaries. Some feel like they’re popping up on every block, and it’s easy to see why this can be frustrating. However, this is capitalism at work. In the New Mexico cannabis industry, businesses rise and fall based on consumer demand and their ability to operate efficiently. Not all dispensaries will survive, and that’s just the nature of the market. We’ve recently seen some of the state’s biggest players, like Sacred Garden and Minerva, close their doors. These closures show that even the largest and most established companies aren’t immune to the harsh realities of the New Mexico cannabis industry.
The Human Side of the Cannabis Industry
It’s important to remember that behind every dispensary in the New Mexico cannabis industry is a person or family trying to make a living. These are New Mexico residents, not big corporations. They’ve put their savings and energy into building something they believe in. Whether or not they succeed depends on many factors, but we can’t ignore the human element of the New Mexico cannabis industry.
Many of these operators face the same struggles as other small business owners. They’re dealing with operating costs and the pressure of competing in a crowded market. It’s not easy, and it’s not for the faint of heart. Yet, they persevere because they see the potential cannabis has to help people and they want to be apart of the movement. Whether it’s relieving chronic pain, easing anxiety, or helping with sleep issues, cannabis offers real benefits to those who use it responsibly, which is why so many are committed to staying in the New Mexico cannabis industry.
The Cost of Doing Business in Cannabis
One thing that sets the New Mexico cannabis industry apart from others is the cost of doing business. Opening and running a dispensary is expensive. From licensing fees to security measures, the variable expenses can add up quickly. Cannabis businesses also face unique challenges, such as higher banking fees (around $500/month just to maintain a cannabis bank account, with ridiculous costs to simply deposit cash) on top of the heavy restrictions on advertising. All of these factors make it difficult for smaller operators to compete in the New Mexico cannabis industry, but it’s also part of what makes this industry so dynamic.
What’s Next for the New Mexico Cannabis Industry?
So, where do we go from here? The truth is, the New Mexico cannabis industry will likely continue to evolve as it matures. We may see some dispensaries close, while others expand. This is all part of the natural balancing act of the free market. As more data comes in, there will be adjustments. Cities like Las Cruces may eventually introduce new regulations, such as limiting the number of dispensaries or adjusting zoning rules to better regulate the New Mexico cannabis industry.
What’s clear is that cannabis is now a permanent part of New Mexico’s economy. The New Mexico cannabis industry brings in significant tax revenue for the state, and it provides jobs and opportunities for local entrepreneurs. For businesses like Pharmtrue, the key to success lies in offering value beyond just selling cannabis. We’re committed to providing personalized care, educating our customers, and helping them find the right products for their needs. It’s about more than just making a sale—it’s about improving people’s quality of life through our involvement in the New Mexico cannabis industry.
Conclusion: A New Chapter in New Mexico’s Story
The New Mexico cannabis industry is still young, and there are many unknowns ahead. But one thing is certain: this is a time of tremendous opportunity. Whether you’re a consumer, a business owner, or just a curious observer, now is the time to pay attention. The choices we make today will shape the future of the New Mexico cannabis industry for years to come.
For those of us still standing, it’s about more than just survival—it’s about thriving in a landscape that’s constantly changing. And as we continue to grow, we’ll keep finding new ways to serve our community and contribute to the New Mexico cannabis industry’s evolving story.