New Mexico is currently licensing Medical Marijuana Manufacturers. These businesses are allowed to partake in a variety of practices:
- manufacturing cannabis products (oils, tinctures, edibles, topicals, etc);
- package, transport, or courier cannabis products;
- have cannabis products tested by a cannabis testing facility;
- purchase, obtain, sell, and transport cannabis products to other cannabis establishments; and
- prepare products for personal production license holders.
The state released the application information and requirements and is open for application submissions until further notice.
If you’re serious about starting a medical marijuana business in New Mexico you should check out the How To Get Started In The Medical Marijuana Industry package to understand everything you need to know and do, from start to finish, to get your New Mexico medical marijuana manufacturing businesses going right away.
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Setup The Corporate Entity
You need to form your cannabis company entity (corporation, LLC, partnership, etc) and register to do legally business with the Secretary of State. This is a licensing requirement.
Find a Compliant Location
You’ll need to find a compliant business location that meets the state, county, and city zoning regulations. This is one of the biggest make-or-break items that will directly impact whether you will get licensed, so take your time and ensure you get this right the first time or prepare for massive headaches later on if your location falls through or isn’t compliant – which will result in a licensing denial.
Create a Marijuana Manufacturer Business Plan
A manufacturer business plan is the only way to get an accurate, real-world picture of the costs, revenue, and details required to start and have a flourishing business. They’re the blueprint for a business that will guide you through the start-up phase through 3-5 years into the future.
Draft Your Manufacturer Licensing Application
You need to complete the Medical Marijuana Manufacturer Application Form and adhere to all the indicated requirements. Once completed, you will submit the application packet to the Department of Health together with the $1,000 application fee.
Install Operations Infrastructure
Now that you’ve submitted your marijuana manufacturer application, once your license(s) have been issued, it’s now time to start hiring people, buying equipment, and setting up your internal policies and procedures to ensure legal compliance and smooth operation.
Market Your Marijuana Manufacturing Business
Your manufacturing business will live or die based on how well you market it to the public. There are some major pitfalls and hurdles you’ll have to overcome to do this legally and effectively. Marijuana businesses no longer sell themselves, so you’ll need to ensure you’ve got a great Marijuana Marketing & Advertising Plan in place to ensure the businesses’ success.
Pay Taxes & Renew Your Licenses
Pay all applicable taxes and be sure to renew your manufacturer license annually. A renewal application must be submitted at least 30 days before the license expires together with the renewal fee of $1,000.