Month: June 2021

Month: June 2021

Ultra Health and Leading Cannabis Consulting Firm Release Demand Report

Posted on by Marissa

New Mexico’s #1 Cannabis Company and MPG Consulting forecast $783 million total cannabis market 

(Albuquerque) – Ultra Health, New Mexico’s #1 Cannabis Company, released the most comprehensive cannabis demand report for the New Mexico adult-use and medical cannabis markets seen to date. The analysis recommends more than twice the number of plants the New Mexico Regulation and Licensing Department (RLD) has suggested for commercial cannabis cultivation. 

The report, prepared by MPG Consulting out of Denver, Colorado, estimates the total New Mexico cannabis market will reach $782.7 million by 2026 if regulations supporting a robust cannabis market are promulgated.

The extensive analysis outlines several cannabis market demand factors including market sizing, cannabis use trends, cannabis price trends, market dynamics, illicit and regulated market share, plant count allocations, average yields per plant harvested, harvest cycles, production control systems in other states, license distribution in other states, and New Mexico-specific recommendations.

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Ultra Health Files Brief on Cannabis Taxation Case Before the Supreme Court

Posted on by Marissa

New Mexico’s #1 Cannabis Company submits brief in monumental case that will shape cannabis policy

(Albuquerque) – Ultra Health, New Mexico’s #1 Cannabis Company, submitted an Amicus Brief to the New Mexico Supreme Court on June 18, 2021, demonstrating the legal basis for medical cannabis to be taxed exactly like any other prescription medication in the state.

The brief was submitted in support of another licensed cannabis producer’s case that is now pending before the Supreme Court. The producer requested a refund in 2014 for New Mexico gross receipts taxes paid on medical cannabis, claiming medical cannabis should be untaxed and treated like any other prescription in the state. The New Mexico Tax and Revenue Department (TRD) denied the claim, as did a Hearing Officer in an internal administrative proceeding. The cannabis producer appealed the Hearing Officer’s ruling to the New Mexico Court of Appeals.  

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Ultra Health plans explosive growth

Posted on by Marissa

Stephen Hamway / ABQ Journal Staff Writer
Published on June 8, 2021

New Mexico’s largest medical cannabis company is growing even larger as the recreational market draws near, with help from a little-known provision in state guidance.

Sale of recreational cannabis, approved by lawmakers and Gov. Michelle Lujan Grisham earlier this year, is scheduled to begin no later than April 2022, although some regulations are still being worked out at the state level.

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New Mexico cannabis business spending $20 million-plus on expansion

Posted on by Marissa

MJ Biz Daily
Published on June 2, 2021

New Mexico cannabis producer and retailer Ultra Health is spending more than $20 million to expand in anticipation of the state’s upcoming adult-use market.

The Albuquerque-based company said in a Tuesday news release that the expansion will be funded by working capital cash reserves and will include:

  • A 28-acre parcel of land with a 225,000-square-foot building in southern New Mexico with room for “production, warehousing, R&D, maintenance, and office space.”
  • A 50,000-square-foot distribution building located one hour south of Albuquerque. The facility is intended “to help distribute cannabis to Southern and Southeastern New Mexico, where demand is projected to be greater than other areas of the state.”
  • Expanded outdoor cultivation capacity at a site in Tularosa, New Mexico, involving the acquisition of 150 additional acres of farmland.

In a statement, Ultra Health CEO and President Duke Rodriguez characterized the expansion as part of an effort to meet demand for both medical and recreational cannabis consumers.

“Licensees will need to deploy substantial energy and capital to ensure the proper handling of cannabis products from seed to sale, which includes a level of physical infrastructure the state and the entire industry has yet to see or fully appreciate,” Rodriguez noted.

Ultra Health said it spent more than $12 million on expansion activities in 2020, including building a new greenhouse in Bernalillo, New Mexico, and buying a new state headquarters in Albuquerque.

By the end of this year, the company said, it will have a retail presence in 28 of New Mexico’s 33 counties.

Ultra Health Deploys Capital Expansion Projects in Several Regions Across the State

Posted on by Marissa

New Mexico’s #1 Cannabis Company expands infrastructure, operations to prepare for adult-use cannabis

(Albuquerque) – Ultra Health, New Mexico’s #1 Cannabis Company, has officially broken ground on multiple capital expansion projects in New Mexico to ready the state for the onset of commercial cannabis activity under the Cannabis Regulation Act, effective June 29, 2021.

The provider has multiple contracts in place to expand retail, production, manufacturing, and distribution operations to several regions across the Land of Enchantment, including operations in Bernalillo County, Sandoval County, Socorro County, and Otero County. Ultra Health’s retail presence will span 28 of New Mexico’s 33 counties by the end of 2021.

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