The New Mexico Regulation and Licensing Department announced in December 2021, that the state will provide business loans of up to $250,000 toward small-scale cannabis businesses in an effort to provide economic opportunity to communities that were hit hard by past criminal enforcement of marijuana laws.
The New Mexico Finance Authority is planning for a $5 million line of credit for cannabis entrepreneurs, with average loan size of about $100,000. The application process is expected to open in February 2022.
Social Equity
Social Equity Definition / Criteria
New Mexico has not yet published specific criteria to qualify for their social equity program. However, the social equity program is designed to encourage participation from communities that have disproportionately been harmed by rates of arrest through the enforcement of cannabis prohibitions and encourage racial, ethnic, gender, geographic diversity, and New Mexico residency among license applicants, licensees and cannabis industry employees. Policies must also encourage industry participation from rural communities that are likely to be impacted by cannabis production, including agriculture.
Social Equity Provisions
While social equity provisions have not yet been published by the board, the state has a goal of distributing at least fifty percent of cannabis licenses and cannabis jobs to social equity applicants.
License Priorities and Set Asides
New Mexico has not yet established any priority licenses or set asides for social equity operators.
Fee Waivers and Reductions
New Mexico has not yet established specific fee waivers and reductions for social equity applicants.
Other Financial Support for Social Equity Applicants and Licensees
The New Mexico Regulation and Licensing Department announced in December 2021, that the state will provide business loans of up to $250,000 toward small-scale cannabis businesses in an effort to provide economic opportunity to communities that were hit hard by past criminal enforcement of marijuana laws.
The New Mexico Finance Authority is planning for a $5 million line of credit for cannabis entrepreneurs, with average loan size of about $100,000. The application process is expected to open in February 2022.