Minerva Canna Announces Closing: Another Legacy Ends
Minerva Canna, one of New Mexico’s original cannabis companies, is facing significant changes as several of its retail locations are slated for closure. Minerva has been a key player in the state’s cannabis industry for over a decade. However, recent developments have raised questions about the company’s future and the direction of its operations.
The Rise of Minerva Canna
Founded in 2010, Minerva Canna quickly became a recognizable name in New Mexico's Medical cannabis community. Over the years, Minerva expanded its retail footprint to seven locations across the state, including Albuquerque, Santa Fe, Los Lunas, and Las Vegas, serving both medical and recreational customers.
In 2024, Minerva shows consistent loses in earnings and market month over month; as of August 2024, they have a lifetime reported earnings of $2.4 Million.
Incident at the Bernalillo Facility
Despite its successes, Minerva faced a significant setback in August 2023 when an explosion and fire occurred at its production facility in Bernalillo. A 23-year-old worker suffered moderate chemical burns from the incident, which involved a small amount of ethanol used in cannabis extraction processes. While Minerva’s owner, Erik Briones, downplayed the event, calling it a minor accident, the New Mexico State Fire Marshal’s Office launched an investigation, and the event highlighted some operational risks at the company’s production site.
Store Closures and Industry Speculation
Amidst this turmoil, Minerva is now seeing the closure of some of its retail locations. The reasons behind these closures have not been fully disclosed, but industry insiders suggest that the company may be facing financial pressures, operational challenges, or a potential acquisition by another cannabis business. Some of the locations are being acquired by a yet-to-be-named company, though speculation points to a significant player in the cannabis industry as the buyer.
Despite these closures, Minerva has announced that production of its popular edibles will continue, albeit possibly under a different brand name. This has led to speculation that Minerva might be restructuring its business model to focus more on production rather than retail operations.
Conclusion
Minerva Canna is the latest New Mexican legacy cannabis company to close its doors. They will begin a 50% off blowout sale starting September 13th.
