December 2, 2022

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Landlord Stigma, High Demand, Lack Of Retail Space, Obstacles Facing New Mexico’s Cannabis Market

2 min read

New Mexico legalized grownup-use cannabis in April when Gov. Michelle Lujan Grisham signed the Hashish Regulation Act. Two months following leisure hashish was legalized in the state, medicinal and adult-use income exceeded $38.5 million. Because sales released in New Mexico, the field has been booming and breaking records month after month.

Now New Mexicans have almost 500 destinations all-around the state to invest in cannabis products and solutions, in accordance to latest information from the New Mexico Regulation & Licensing Section.

Having said that, some in the industry argue that finding destinations and owners willing to lease has develop into a battle. According to a new report from the Federal Reserve Lender, hashish legalization in some states has resulted in elevated business real estate need. “It’s been a obstacle, it’s been a obstacle from Working day 1,” Leonard Salgado, director of company development and enlargement for Pecos Valley Manufacturing told the Albuquerque Journal. 

Limited Actual Estate Current market For Hashish Retailers 

Landlord stigma, large demand, conflicts among federal and point out laws, and several municipal restrictions have all contributed to a limited real estate current market for hashish retailers. Ben Lewinger, executive director of New Mexico’s Hashish Chamber of Commerce, mentioned “It turns out that ending prohibition is challenging.”

Trishelle Kirk, CEO of Everest Cannabis Co., which has 11 spots all over the state said that “even though finding properties appears to be getting a bit less complicated in the months due to the fact legalization, there are nevertheless some destructive beliefs about dispensaries and their clientele that make some landlords hesitant to rent out their spaces (…)There’s a notion that people that are obtaining hashish are lingering or loitering.”

Adam Silverman, vice president of Albuquerque-based professional serious estate corporation Geltmore, which normally will work with dispensaries, reported he has not had difficulties with security with his hashish tenants. “Our weak dude who does cellphone repair has gotten damaged into far more than the cannabis business enterprise,” Silverman noted.

“We have a lot more protection cameras and security equipment than any other business enterprise,” Kirk included.

Photo By Morgane Perraud On Unsplash.

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