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checkout this link below for the limits for picklist. You can have about 1000 values but only 500 can be active. https://developer.salesforce.com/docs/atlas.en-us.salesforce_app_limits_cheatsheet.meta/salesforce_app_limits_cheatsheet/salesforce_app_limits_picklist.htm
Alternatively, you can create a custom object and add all the values there and reference it with a lookup on the main object