Friday, March 29, 2019

Minnesota company enters New Mexico therapeutic cannabis market


Lawmakers in New Mexico's Democrat-dominated legislature rejected a Republican plan that would have established state-run cannabis retail operations but did decriminalize possession of up to one half ounce. The state's therapeutic cannabis program is nearing 71,000 patients.

Republicans in Minnesota's legislature also blocked legal cannabis for all adults denying the state needed revenue and leaving a thriving black market in place to enrich the law enforcement industry so Minnesota-based Vireo Health is seeking greener pastures.
America's leading science-focused, multi-state cannabis company, today announced the acquisition of an entity which manages the vertically-integrated operations of Red Barn, a holder of one New Mexico's medical cannabis licenses. Red Barn currently operates two medical cannabis dispensaries, located in Santa Fe and Gallup, and a cultivation and processing facility, located in Gallup. "Vireo Health is excited to expand our operations into New Mexico's well-established medical cannabis market," said Chief Executive Officer, Kyle Kingsley, M.D. "Red Barn is a well-respected operator in New Mexico's medical cannabis program, which has earned the trust of consumers. We look forward to welcoming Red Barn into the Vireo Family. Together, we will create best-in-class products and continue to provide patients with compassionate care." [PR Newswire]
Democratic then-Representative from New Mexico's First District, now-Governor Michelle Lujan Grisham worked with Republican-now-Libertarian former Gov. Gary Johnson to legalize cannabis for some patients but Gov. Bill Richardson, a Democrat, signed it into law.

Speaker of the New Mexico House Brian Egolf not only supports legalization for all adults he serves as legal counsel for the state's therapeutic cannabis leader, Ultra Health. Calling itself "New Mexico's No. 1 cannabis company" Big Dope Ultra is building facilities in Clayton near the borders with Texas and Oklahoma. Keeping the industry from the clutches of a monopoly has been contentious.

New Mexico's Cannabis Board is meeting today in Santa Fe to determine whether to recommend adding opioid addiction to the list of qualifying conditions for therapeutic cannabis. Last month two University of New Mexico researchers published a study on how cannabis helps treat certain medical conditions. Their results showed that smoking the herb is most effective method for people who ingest cannabis.

The entry of a major out of state cannabis player brings significant competition to Big Dope Ultra Health who entered a compact with Zionist Panaxia.


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