New Mexico marijuana legalization could hurt Colorado’s cannabis industry
Earlier this month, New Mexico Gov. Michelle Lujan Grisham signed legislation to legalize recreational marijuana in the state.
While marijuana and criminal justice reform advocates say it’s a huge win, it could mean big losses for dispensaries in Colorado.
Since 2014, when recreational marijuana went on sale in the Centennial State, business has boomed for Colorado dispensary owners with more than $10 billion in marijuana sales and billions more reaped in tax revenue.
It has also been an economic boost for those in the tourism industry. People from around the country come to Colorado every year to consume cannabis products.
However, New Mexico’s legal marijuana market could cut off a huge line of revenue for Colorado dispensaries at the border.