Nevada is outpacing all expectations
Nevada’s recreational marijuana market is blooming ahead of expectations with retailers there selling close to $200M of cannabis between July and December of 2017. That’s significantly quicker growth than Washington state and Colorado, which sold $67M and $114M respectively in their first six months of legal adult use cannabis sales.
The state of Nevada has collected more than $30M in taxes from the market in its first six months.
Eli McVey of Marijuana Business Daily says that three main factors contributed to the successful market launch. Nevada allowed retailers to begin sales while final details were hammered out. That got things up and running quickly and the influx of new customers were able to be served. Experienced companies with existing brands moved into the state quickly. This didn’t happen in Colorado or Washington because the market was less developed when those places legalized marijuana for recreational use. Nevada also has a large rotating new customer base because 40 million tourists visit Las Vegas each year.
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