New Mexico approves public financing for cannabis businesses

SANTA FE, N.M. (AP) — New Mexico will provide business loans of up to $250,000 toward small-scale cannabis businesses in an effort to provide economic opportunity to communities that were hit hard by past criminal enforcement of marijuana laws.

The Regulation and Licensing Department on Thursday announced that the loan program is moving forward. The New Mexico Finance Authority is planning for a $5 million line of credit for cannabis entrepreneurs, with an average loan size of about $100,000.

The application process is expected to open in February.

Loans would be available to qualified cannabis “microbusinesses” that are licensed to cultivate and sell marijuana from up to 200 plants.