The seven dispensaries Minerva Canna operates in the state will close their doors for good next month because of financial issues owner Eric Briones attributes to the "oversaturation of the cannabis market in New Mexico."
Reflecting on the burgeoning and relatively green legal marijuana market in the Land of Enchantment, Briones said, "We are in this situation where nobody, and I mean nobody, is doing well right now."
Members of the industry are sounding the alarm about what they say is a lack of enforcement for a thriving illegal cannabis market and the high volume of permits that have been issued by the state to retailers who have taken the plunge.
Minerva Canna has been around for 14 years and was in the medicinal marijuana business before the state legalized recreational cannabis in 2022. It's not just Briones providing a dour assessment of market conditions.
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