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 medical dispensaries.
On November 8, 2016, voters approved ballot Question 2, giving adults in Nevada the ability to consume up to an ounce of cannabis. The new law, the Regulation and Taxation of Marijuana Act, takes effect in the state on January 1, 2017, and recreational cannabis sales became legal on July 1, 2017.
Nevada Cannabis Perspectives
Nevada retailers have sold about $530 million worth of medical and recreational cannabis in 2018, an average of $44,1 million per month, that’s up 35% from average monthly sales of $32.6 million in 2017. Cannabis sales are driven by two main factors:
- Nevada’s early start program.
- Over 55 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, 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.
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