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The vertically integrated cannabis retail chain Sacred Garden, a New Mexico staple in the marijuana industry since it was founded in 2010, is going under According to media reports and an announcement on the Website of a company.

Carla Padilla told The Las Cruces Bulletin that the New Mexico market is too competitive for the Sacred Garden model to work. The market exploded in size after the legislature legalized adult-use marijuana sales and recreational marijuana. Some industry insiders expected a contraction.

Padilla told The Bulletin that the market was so saturated with competition that they were not making any money. She also predicted Sacred Garden wouldn’t be the only store to close.

According to the state’s Regulation & Licensing Department, New Mexico had granted 1,006 retail permits as of Sept. 3.

Sacred Garden operates seven dispensaries in New Mexico. In addition to the Las Cruces store it also operates two in Santa Fe and two in Albuquerque. It also has a store in Sunland Park and one in Ruidoso. All stores will be closing and the company is holding a fire sale with 50% off all products.

Nicole Fuchs is a spokesperson for the Southwest Cannabis Trade Association. She told The Bulletin, that the New Mexico cannabis market favors better-capitalized companies, to help them survive the turbulent and competitive environment.

Fuchs, speaking to The Bulletin, said that New Mexico is “a system in which it’s survival for the ones with the biggest money.”

Ben Lewinger of New Mexico Cannabis Chamber of Commerce countered by saying that while the landscape has become more competitive over the past few decades, there are still many businesses that are “doing fine.”

The Bulletin reported that Sacred Garden engaged in legal battles with the state over tax policy, and alleged violations of health code, which cost them upwards of seven figure legal fees, and lost sales. This may have contributed to Sacred Garden’s demise this year.