El Paso to Boost Small New Mexico City’s Adult-Use Market

El Paso to Boost Small New Mexico City’s Adult-Use Market
Cannabtimes

<![CDATA[Location is key to capitalizing on cannabis markets throughout the U.S., and elected officials from one small city in New Mexico know it. Sunland Park, a city of roughly 17,000 people in southern New Mexico, is nestled on the border with El Paso, Texas, to the east, and Ciudad Juárez, Mexico, to the south. Those two cities provide a metro population of more than 2.5 million potential retail customers. Specifically in Texas, only low-THC medical cannabis that’s capped at 1% is available to qualifying patients, while adult-use cannabis is not legal. With New Mexico set to launch commercial sales of adult-use cannabis April 1, Sunland Park Mayor Javier Perea said he plans to take full advantage of welcoming the city’s cross-border neighbors to the new retail market, NBC-affiliate KOB reported. “That’s the market that we’re going to try to capitalize on with the marijuana industry coming in,” Perea said. “That has opened up an opportunity that didn’t exist before.”  Referring to Sunland Park as a “bedroom community,” Perea said many of the city’s residents work and spend money in El Paso, but he thinks the retail script will flip with New Mexico’s forthcoming cannabis market, he told KOB. He expects a $7-million boost to nearly double the city’s current revenue. That mindset is not out of this world. In a similar situation, Ontario, Ore., a city of roughly 11,000 people in the eastern part of the state, grossed $91.7 million in adult-use cannabis sales in 2020: the first full year commercial sales were OK’d by local elected officials. Those sales provided the city with approximately $3 million in revenue in part because of its proximity to more than 700,000 residents in the region whose major roadways link up in Ontario, including those living in next-door Idaho, where legal cannabis sales…

Excerpt only …
READ MORE BELOW
Source : El Paso to Boost Small New Mexico City’s Adult-Use Market

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.