What are the challenges that New Mexico cannabis businesses face as we approach 2024?
With the first-year drought behind us, the New Mexico Cannabis industry is gearing up for a new set of challenges in 2024. Like California and Colorado, we went from a lack of product our first year of recreational sales to too much product in the second year. The biggest challenge right now for new vendors is finding ways to be heard above the noise; to be noticed in the midst of so many brands and products. The legal restrictions on advertising combined with conglomeration make the challenge even steeper for smaller growers. Creative advertising, consistent quality, and personal outreach are going to make the difference for newer manufacturers hoping to enter the market.