A. The maximum number of licenses to be issued under the provisions of Sections 60-6A-2 and 60-6A-3 N.M. Stat. Ann. shall be as follows:

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(1)     in incorporated municipalities, not more than one dispenser’s or one retailer’s license, including canopy licenses which are replaced by dispenser’s licenses as provided in Section 60-6B-16 N.M. Stat. Ann., for each two thousand inhabitants or major fraction thereof; and

(2)     in unincorporated areas of each county, not more than one dispenser’s or one retailer’s license, including canopy licenses which are replaced by dispenser’s licenses as provided in Section 60-6B-16 N.M. Stat. Ann., for each two thousand inhabitants or major fraction thereof, excluding the population of incorporated municipalities within the county.

B. For the purpose of this section, the number of inhabitants of a local option district shall be determined by annual population estimates published by the economic development department.

C. Subsection A of this section shall not be construed to prevent any licensee holding a valid license issued under the Liquor Control Act [60-3A-1 N.M. Stat. Ann.], or his transferee, from continuing the licensed business or from renewing his license, subject to compliance with the Liquor Control Act and department regulations, notwithstanding that the continuance or renewal may result in an excess over the maximum number of licenses permitted in Subsection A of this section.