Two amazing realities have come from the legalization of adult-use marijuana in Nevada. The Las Vegas cannabis industry is booming and the growth projections of the industry suggest that it will not be slowing down anytime soon. Visitors of Las Vegas are becoming more comfortable with making cannabis a part of their trip. They have come to count on finding an incredibly wide variety of lab tested Las Vegas cannabis at dispensaries surrounding the strip. As they say, the proof is in the pudding.
The Nevada Dispensary Association reported recently that for the 2019 fiscal year, Nevada has collected more than $100 million in taxes and fees from the sale of cannabis. This is the first time the Nevada cannabis industry has hit this milestone since it legalized recreational marijuana in 2017. More than $109 million has been collected in taxes and fees from Nevada dispensaries, Nevada cannabis lab testing facilities, cultivators and products to be more precise. Of that $109 million, $99.18 million was collected in taxes, which more than $25 million above what was collected in 2018.
“These sales and tax figures are a milestone that should be celebrated by the people of Nevada,” said Riana Durrett of the Dispensary Association. “It shows that the public and visitors to Las Vegas from around the nation are becoming more comfortable purchasing cannabis and the industry is improving its ability to serve the public.”
There are a few reasons why Nevada is expecting the cannabis industry to consistently produce more than $100 million in taxes and fees from the sale of cannabis in the upcoming years. People should continue to become more comfortable with the Las Vegas cannabis scene, and as they do they should rely less and less on the illegal market which still takes money away from the state. The growth rate of the Las Vegas marijuana market does not look to be slowing down anytime soon either. Cannabis sales in 2019 were around $639 million, up from $529 million in 2018.
The Nevada Dispensary Association also wants to make clear that while breaking this milestone is a commendable achievement for Nevada, its people and the cannabis industry, a continued focus on the safe and responsible consumption of Nevada marijuana must remain a priority.
“While these sales figures are strong, we should not take them for granted,” Durrett said. “The number one goal is to ensure public safety and second is the stability of the industry. Significant changes in the market or regulatory framework could impact tax collection, especially given competition from the illegal market. The illegal market continues to deprive the state of funds that could be going to education.”
The one thing that the Las Vegas cannabis industry is missing now is lounges. Visitors coming to Las Vegas may refrain from visiting and purchasing marijuana in fear of breaking laws. Las Vegas hotels do not permit guests to smoke cannabis on their premises so there is no real legal place to consume cannabis for people staying at hotels. Lounges may create even more comfort for visitors and help grow the industry much further.
Read more at News3LV.com.