It is estimated that Nevada’s recreational marijuana sales could bring in $75 million or more in sales just in 2017, according to Marijuana Business Daily. It is also estimated that $450 to $550 million could be the sales figures annually. Much of the sales are predicted to be from tourist sales.
Medical marijuana companies are getting ready to start their recreational sales in Nevada, Reno Gazette-Journal reports. In 2016, more than 40 million people visited Las Vegas. The marijuana industry in Nevada is ready to take it’s next giant leap forward.
Ben Sillitoe of Oasis Cannabis in Las Vegas said, “It’s great news for everybody.”
The recreational marijuana program won’t fully launch until 2018 as the tax commissions hasn’t finalized rules for the new industry. It has until January 2018 to do so.
Roughly 190 medical marijuana industry businesses, including dispensaries, growers and processors, will be embarking into recreational sales from July 1 to January 2018.
Sillitoe, regarding the new industry taking shape, that stakeholders, officials and the industry “all worked together to make this happen quickly, and I think Nevada is a good example of how good regulation works to advance the industry.”
Only medical marijuana businesses currently in operation can partake in the early sales of recreational marijuana, with proper licensing. The medical marijuana businesses must be in good standing with the state to participate. Temporary recreational marijuana sales licenses must be obtained.
Notes about Early Recreational Marijuana Sales Include:
- Temporary recreational marijuana licenses expire March 2018
- No restrictions on product type – edibles, concentrates and topicals can be sold to recreational users
- Separate recreational sales spaces won’t be required.
- Local governments must support the medical marijuana business to sell recreational marijuana
Areas of Nevada with moratoriums in place are likely to hinder early sales. Henderson’s 15 licensed medical marijuana businesses may not be able to participate until the moratorium is over – in August.
David Goldwater of Inyo Fine Cannabis, said, “If anyone gets denied, that’ll likely be the reason.”
If measures are put in place to use the same tax bracket for recreational sales as medical marijuana, businesses won’t have to separate items or have separate inventories for recreational and medical sales, have multiple point-of-sales systems or separate labels. So far, efforts to keep the sales tax rate the same has a lot of support in the Nevada State Capitol. Assembly Bill 463 and Senate Bill 487 are still working their way through the legislature.