By Lauren Lifke and Josh Lee
Since 2024, the cannabis industry in New Mexico has seen growth and changes amid broader industry consolidation. Data published yearly by the New Mexico Regulation & Licensing Department shows Cannabis Control Division licensing for dispensaries across the state.
In Sandoval County, three new dispensaries have popped up, and three more have since closed — some permanently, and one temporarily. These local changes reflect a statewide trend of industry shakeout that has affected cannabis businesses across New Mexico.
Statewide Context
Recent analysis reveals that approximately one-third of all cannabis companies licensed by the state have closed permanently since adult-use sales launched in April 2022. Of over 580 unique cannabis companies tracked statewide, about 194 companies that once reported sales have disappeared from state data, likely indicating permanent closures.
Industry experts attribute these closures to market oversaturation and intense competition. With New Mexico’s population of just over 2.1 million residents, the rapid increase in licensed operators—from 78 companies reporting activity in April 2022 to nearly 380 by May 2025—has led to declining wholesale prices and compressed profit margins.
The situation was predicted by industry stakeholders, including Robert Jackson of Seven Point Farms, who warned in 2023 that the number of dispensaries was “absolutely, fundamentally detrimental to the health and longevity of the industry.” Unfortunately, Seven Point Farms itself became one of the casualties, with the company transferring its Albuquerque location leases in February 2024 and its business license expiring last September.
Despite the closures, statewide cannabis sales have remained strong, reaching between $33,000 and $39,000 monthly since January 2025, compared to $22,000 in April 2022. This suggests that while many companies have exited the market, consumer demand remains robust.
Sandoval County Changes
New dispensaries:
- High Desert Relief
113 US-550, Bernalillo, NM 87004 - Verdes Cannabis — Rio Rancho
2320 Grande Blvd SE Suite B, Rio Rancho, NM 87124 - Urban Wellness
115 US-550 Suite A, Bernalillo, NM 87004
Temporarily closed:
- Best Daze Bernalillo
115 US-550 Bernalillo, NM 87004
2024 only (permanently closed):
- Minerva Canna
113 US-550, Bernalillo, NM 87004 - Seven Clover
1670 Rio Rancho Drive SE, Rio Rancho, NM 87124
Looking Forward
Industry experts suggest the current instability is part of a natural maturation process typical of emerging markets. This consolidation phase, while painful for businesses that don’t survive, often leads to a healthier and more sustainable market structure.
The companies that remain are likely those with more resilient business models, better funding, or stronger operational strategies. For consumers, this market evolution may mean more consistency in products and pricing as the industry stabilizes.
New Mexico’s Cannabis Control Division has maintained a policy of not capping licenses, allowing anyone the opportunity to compete. This approach was designed to promote equity in the industry, though it has also contributed to the current period of intense competition and consolidation.
As the cannabis industry continues to mature in New Mexico, both local and statewide trends suggest that while the total number of operators may decrease, those that survive will be better positioned for long-term success in serving the state’s growing cannabis consumer base.