Black Friday Microbusiness Farmers Market: A Snapshot of Challenges and Resilience
At a unique farmers market hosted by Canna Express on Black Friday, microbusinesses from across New Mexico gathered to showcase their products, share stories, and connect with like-minded entrepreneurs. Beneath the celebratory air, however, ran a current of common challenges that microbusinesses face in their fight for survival and growth in the competitive cannabis industry.
The Banking Dilemma
One of the most pressing issues voiced by attendees was the high cost of maintaining cannabis-friendly banking accounts. Many microbusinesses reported paying between $300 and $700 per month just to have a basic account. For businesses already operating on razor-thin margins, these fees can be crippling. Without banking, microbusinesses are forced into cash-only operations, which not only creates logistical headaches but also excludes them from working with larger retailers who work with ACH or check payments.
This lack of access to banking ripples through the supply chain. Retailers reliant on electronic systems often cannot do business with cash-only micros, closing off vital sales channels. It’s a vicious cycle that leaves micros caught between the high costs of compliance and the limits of cash-based transactions.
Breaking into Big Retail
Another common frustration is the difficulty of establishing relationships with larger dispensary chains. Many microbusinesses recounted experiences of leaving product samples with dispensaries only to be met with silence. This points to a disconnect in etiquette and strategy.
For producers, the advice is clear: streamline your efforts. Focus on building relationships with purchasing managers, often located in a company’s corporate offices, rather than visiting individual retail locations. Samples should be given exclusively to decision-makers—managers or purchasing teams—rather than budtenders. Budtenders can receive samples after a sale is finalized to help educate consumers, but they are not the gatekeepers to shelf space.
The Call for Education and Resources
Education remains a cornerstone of the discussion. Many microbusiness owners are deeply committed to compliance but lack the resources or access to proactively seek guidance from governing bodies. This gap leaves businesses in a reactive mode, struggling to keep up with evolving regulations.
For entrepreneurs transitioning from the traditional (legacy) market, this lack of support is even more pronounced. These individuals bring passion and experience but often find themselves navigating compliance, retail, and operational expectations for the first time. A robust system of education and mentorship tailored to the cannabis industry could bridge this gap and empower microbusinesses to succeed.
The Road Ahead
Despite these challenges, the microbusinesses at Canna Express’s farmers market radiated resilience and determination. Events like these highlight the potential of New Mexico’s cannabis industry when small businesses are given a platform to shine.
However, systemic changes are needed to address the hurdles that micros face. Reducing banking fees, simplifying access to retail, and providing education and support are not luxuries—they are necessities. By addressing these issues, New Mexico can build a thriving ecosystem where microbusinesses are not only surviving but thriving alongside their larger counterparts.
For now, the lessons are clear: focus your energy, build relationships wisely, and keep advocating for the support you deserve. If New Mexico’s micros continue to push forward with this level of passion, the future of the state’s cannabis industry looks bright.
