New Mexico’s Ultra Health Reflects on First Days of Adult-Use Sales

New Mexico’s Ultra Health Reflects on First Days of Adult-Use Sales
Cannabtimes

<![CDATA[New Mexico launched its adult-use cannabis market April 1 and recorded $1.96 million in sales during the first 24 hours, leaving Ultra Health, one of the state’s vertically integrated cannabis operators, wondering if supply will be able to keep up with demand in the early months of the program.“We saw a lot of folks turn out to participate in this historic day in New Mexico and cannabis history,” Ultra Health Chief Marketing Officer Marissa Novel tells Cannabis Business Times. “And while it’s certainly a milestone to be celebrated, we are cautiously realistic about what will happen in the coming 12 and 24 months.”Novel says the nascent market is “very volatile” and ultimately dependent upon the state’s cannabis operators having the production capacity to keep up with demand.And, in a state where regulators have set production limits on cultivators, she says supply will likely become an issue—and soon.“While we have all the hustle in the world, while we’re really excited, changes do need to be made on the regulatory level to realize the potential of cannabis legalization in New Mexico,” Novel says, adding that some operators may even run out of product before 4/20. RELATED: Ready or Not, New Mexico Adult-Use Sales ComingNew Mexico Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act in April 2021 to legalize and regulate adult-use cannabis in the state.In January, the Cannabis Control Division (CCD) issued an emergency rule that doubled the number of cannabis plants that licensed producers can grow from 10,000 to 20,000 mature plants in an effort to protect patients’ supply of medical cannabis as demand spiked with the launch of adult-use sales.However, Novel says this rule change did not give operators enough time to build out the additional capacity for more plants or to even put additional plants in the ground…

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