Nevada Cannabis Legalization

Nevada voters legalized medical cannabis on the ballot in 2000, but it wasn’t until 2013 that the state Legislature passed a law allowing for dispensaries.

Voters on Nov. 8 passed ballot Question 2, giving adults in Nevada the ability to possess up to an ounce of pot. The new law – known officially as the Regulation and Taxation of Marijuana Act – takes effect in Nevada on January 1, 2017. Recreational marijuana sales became legal in Nevada on July 1, 2017.

Nevada Cannabis Perspectives

Since starting recreational cannabis sales eleven months ago, Nevada retailers have sold more than $384 million worth of cannabis, an average of $35 million per month with sales of nearly $189 million through the first five months of 2018, that’s up 16% from average monthly recreational sales of $32.6 million in 2017. Cannabis sales are driven by two main factors:

  • Nevada’s early start program.
  • Over 40 million visitors travel to Las Vegas each year.

The number of retail stores allowed in Nevada will be based on a county’s population, with initial estimates suggesting this will be around 130 statewide. Rec sales in Nevada have yet to rise in consecutive months. This suggests the market is fueled by tourist spending.

According to New Frontier and Archview Market Research, over the next four years, annual legal cannabis sales in the state are projected to grow to an estimated $629.5 million by 2020.

We offer Cannabis Financial Models and Cannabis Business Plan Templates for growing, processing, retail and vertically integrated cannabis business in Nevada.

Related Post