The cannabis business is booming in New Mexico, according to the industry's top officials, so much so that compliance officers are struggling to keep up.
That's according to industry leaders and state authorities who gave an update of the industry to the Economic and Rural Development Committee earlier this week.
Clay Bailey, Superintendent of the Regulation and Licensing Department, said the state has approved more than 3,000 licenses so far. There are a little more than a thousand retailers across the state with about 700 stores open for business.
The industry had generated $1.3 billion by the start of the month, according to the update. But with all this activity, Bailey told lawmakers the state has also seen more problems, like compliance issues and unlicensed supply.
