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Tuesday, October 3, 2023

Landlord stigma, high demand, lack of retail space, and obstacles to the New Mexico cannabis market

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New Mexico certified Adults use cannabis in April when Governor Michelle Logan Grisham Signed the Cannabis Regulation Act. Two months after the legalization of recreational cannabis in the state, medical and adult use sales exceeded $38.5 million. Since launching sales in New Mexico, the industry has been booming and breaking records month after month.

Now New Mexicans have nearly 500 places across the state to buy marijuana products, according to recent data from the New Mexico Division of Regulation and Licensing.

However, some in the industry argue that finding premises and landlords willing to rent has become a struggle. according to new report From Federal Reserve Bank, The legalization of cannabis in some states has increased the demand for commercial real estate. “It was a challenge, it was a challenge from day one,” Leonard SalgadoDirector of Business Development and Expansion at Pecos Valley Production Tell Albuquerque Journal.

Restricted real estate market for cannabis retailers

Owner stigma, high demand, and conflict between various federal, state and municipal laws have all contributed to restricting the real estate market for retail cannabis dealers. Ben LoengerCEO of Chamber of Cannabis Commerce of New MexicoEnding the ban turned out to be difficult.

Trichel KirkCEO of Everest Cannabis CompanyLtd., which has 11 locations across the state, said that “while it appears that real estate has become a little easier to find in the months since legalization, there are still some negative beliefs about dispensaries and their customers that make some landlords reluctant to rent out their space (. . . .) There is a perception that people who buy cannabis are hanging out or lounging.”

Adam SilvermanVice President of Albuquerque-based Commercial Real Estate Company Giltmore, who often works with dispensaries, said he’s never had issues with security with cannabis renters. “Our poor cellphone repairman has been involved in more than just marijuana,” Silverman noted.

“We have more security cameras and security equipment than any other business,” Kirk added.


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