New Mexico’s medical cannabis industry requires that license holders operate as not-for-profit entities, but that doesn’t mean some companies aren’t making profits. The Albuquerque Journal does a great job of discussing how it works and sharing the stories of two leading companies, Reynold Greenleaf & Associates and Ultra Health.
The New Mexico Department of Health has issued 35 licenses to grow and sell medical cannabis, all to licensed nonprofit producers (LNPPs), but many of them hire third parties to manage their cultivation and dispensary operations. The rules may change, as Cannabis Producers of New Mexico, which represents almost half of the LNPPs, has filed a suit against the Department of Health to eliminate the rule requiring them to be nonprofits.
Reynold Greenleaf & Associates has three different LNPP clients. Ultra Health, based in Arizona, operates a cultivation facility that produces 1200 pounds per year and four dispensaries on behalf of Top Organics. The company will soon open a cultivation facility and dispensary in Las Vegas, Nevada.
Read Olivier Uyttebrouck’s “Budding operation: NM’s nonprofit medical marijuana takes ‘big business’ turn”: http://www.abqjournal.com/723600/news/no-true-nonprofits-in-pot-business.html