Entrepreneurs got a crash course in the legal recreational marijuana industry during a recent event at the Albuquerque Convention Center.
More than 100 vendors and approximately 50 speakers were featured at the Lucky Leaf Expo, which showcased many of the top cannabis brands. Those in attendance heard panel discussions and took part in workshops about tax codes, marketing, how to get a license, and what the products are designed for, according to KRQE.
Recreational marijuana will become legal in New Mexico on April 1.
“Everybody is coming out and representing, you know, working together – networking – to bring products to the market and collabing together for wholesale products. You know, getting ready to go,” John Fisher from CBD Pros and FCI Manufacturing Wholesale and Distribution said to KRQE.
The sale of legal marijuana is expected to bring in approximately $350 million in the first year of sales, KRQE said. Financial analysts believe the New Mexico cannabis industry could be worth one billion dollars by 2026.
The Cannabis Regulation Act made recreational marijuana legal in New Mexico in June 2021, primarily for home consumption. However, sales of legal recreational marijuana cannot begin until April 1, 2022, as lawmakers consulted with experts in other states where recreational marijuana is legal, according to a previous KRQE report. Retailers and producers have already started the process of obtaining licenses from the Cannabis Control Division, a group in charge of statewide regulation.
