Cannabis Market in Nevada Set to Reach $630 Million
They don’t call it Sin City for nothing.
Prostitution is legal in a few specific areas outside Las Vegas. And partying pretty much happens 24/7 on the strip. So why not add legal, recreational weed to the mix?
Nevada voters will have that chance in November.
A new report from cannabis analytics firm New Frontier, in partnership with Arcview Market Research, says the Silver State could see some serious gold if recreational marijuana passes. It says legit pot sales (medical now, recreational later) would grow from $121.6 million in 2016 to an estimated $630 million by 2020.
“If Nevada legalizes adult use cannabis, we will witness an unprecedented socio-economic impact in a state already shaped and fueled by tourism and entertainment,” said Giadha DeCarcer, Founder and CEO of New Frontier. “The scale of the impact is expected to be massive – by 2020, adult use markets are projected to add an additional $484.3 million in annual sales, and account for almost three quarters of the total legal cannabis market in Nevada.”
Nevada has a smaller population than that of San Diego County (2.8 million versus 3.2 million), but that’s not where the jackpot lies.
“Over 55 million tourists visited Nevada in 2015, and the state’s medical marijuana reciprocity laws allow nonresident patients to purchase cannabis products while visiting the state,” a summary says. “Nevada’s experience managing world-class recreational experiences will create exciting opportunities to integrate cannabis into the state’s rich hospitality and entertainment portfolio. If adult use legalization passes, a significant portion of all legal sales in the state are projected to come from tourists, and for many domestic and international travelers, Nevada will be their first experience in a market where adult use of cannabis is legal.”
We’ll gamble on that.
Original Source – 420 Times
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