Sapeno, . . . most holsters when new are as you described.
There are two cures, . . . and wax and oil are not a part of either as they will lead to premature holster failure. You can use saddle soap or shoe polish on the exterior just like you would a good pair of shoes or boots, . . . but never in the interior.
Your new holster needs two things: 1) put it on and wear it, . . . all the time when you are home if at all possible, . . . and anywhere you can when you are out and about. The holster needs to be "broken in" and so does your body where it touches it.
Secondly, . . . if your holster is definitely "snug" the preferred method is to wrap your weapon in a heavy gauge freezer bag and stuff it into the holster overnight, . . . or even for a couple of nights. If you have the time extract the weapon and then push it back down in every couple hours, . . . each time trying to force it deeper into the holster. You also want to have the weapon empty doing this as you don't even want an ND in your new holster.
May God bless,
Dwight