NEW MEXICO (KRQE) – New Mexico cannabis industry leaders have warned about a boom turning to bust forecasting a likely drop in sales and the closure of smaller pot businesses.
Now, one of the state’s largest cannabis businesses is closing a prime space in Santa Fe.
“Sadly, you know, we may have set the bar so low… many of them are experiencing what I’m calling the New Mexico nightmare,” said Duke Rodriguez, CEO of Ultra Health.
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Nearly two years into New Mexico’s recreational cannabis market, Rodriguez thinks that nightmare playing out is the surge of cannabis retailers now facing closure. “When you create a program with no limitations about who, and how difficult it is to get a license, you’ve invited a lot of people to this party,” said Rodriguez.