Cannabis Banking and financial services in

Cannabis Legalization and Regulation in New Mexico

New Mexico legalized adult-use cannabis in April 2021 through the Cannabis Regulation Act, with retail sales beginning in April 2022. Adults 21 and older may legally possess up to 2 ounces of cannabis flower, 16 grams of concentrates, and edibles containing up to 800 milligrams of THC. Public consumption is prohibited, though municipalities may license on-site consumption lounges.

Home cultivation is permitted. Adults may grow up to six mature plants and six immature plants per person, with a maximum of 12 mature plants per household. Plants must be grown at a private residence and kept out of public view.

Retail sales are fully operational, overseen by the Cannabis Control Division of the New Mexico Regulation and Licensing Department. Licenses are available for cultivators, manufacturers, retailers, microbusinesses, testing labs, and couriers. The program emphasizes social and economic equity by prioritizing licenses for small operators and communities impacted by prohibition.

New Mexico’s medical cannabis program, in place since 2007, continues alongside adult-use. Registered patients may purchase higher possession limits than recreational users, and medical sales remain exempt from the state excise tax. Medical patients may also qualify for extended cultivation privileges under their program rules.

Hemp and hemp-derived products are legal in New Mexico if they contain no more than 0.3% THC. Products with intoxicating hemp-derived cannabinoids, such as delta-8 THC, must go through the regulated cannabis supply chain. All products are subject to testing, packaging, labeling, and retail compliance standards.

For cannabis operators, financial readiness is critical. Licensed businesses seeking banking or financial services must provide documentation including licenses, ownership disclosures, tax IDs, and operating agreements. Because the market is highly cash-intensive, banks and service providers require operators to maintain secure cash-management systems, armored transport schedules, reconciled accounting, and audit-ready compliance records. Transaction monitoring and AML/BSA compliance are essential for uninterrupted access to financial services.

The Cannabis Control Division regulates all adult-use, medical, and hemp-derived cannabis programs. For official licensing details, compliance requirements, and program updates, visit:
https://ccd.rld.nm.gov