You don’t have to follow recreational marijuana news to know sales in Las Vegas and Nevada have taken off in the months since they launched. At the end of September, the state gave even more insight as to what business looked for Las Vegas recreational dispensaries. According to the Nevada Department of Taxation, marijuana dispensaries sold an incredible $27.1 million worth of product in their first month of sales.
Nevada’s strong showing becomes even more impressive when compared to the opening month of sales in other states with legalized adult use. During their month of sales, both Colorado and Oregon netted around $14 million while Washington state saw $3.8 million in recreational marijuana sales.
As a thriving metropolis and international tourist destination, recreational dispensaries in Las Vegas see incredible demand not only from tourists but locals as well. This, in addition to the strict taxation and regulation approach the state has taken means that cannabis products in Nevada are the best in the country.
Currently, recreational cannabis is subject to a 15% wholesale tax AND a 10% retail tax. Together, these generated more than $3.5 million for the state in tax revenue. According to the Tax Commission’s spokeswoman, Stephanie Klapstein, “the numbers are consistent with projections legal pot sales will bring in $120 million over the next two years.”
As of October 2017, Nevada has distributed 250 marijuana licenses to various cannabis businesses, including retail cannabis locations, cultivation operations, manufacturers, distributors, and testing labs. Of these, four-fifths the state’s total license facilities are in Las Vegas and Clark County, making the issue of distribution only more important as time goes on.
Legislators held oral arguments before the state’s highest court on October 3. Continuing a months-long saga that has yet to end, representatives from both the Nevada Department of Taxation and the Independent Alcohol Distributors of Nevada argued over the right to distribute marijuana to marijuana dispensaries and retail locations in the Silver State.
At issue is the exclusive right to distribute recreational marijuana during the first 18 months of sales. According to the ballot measure voters approved in November, liquor distributors were guaranteed exclusive distributions rights. However, Nevada’s Taxation Department, tasked with overseeing the burgeoning cannabis industry in NV, retained the ability to override this exclusivity if the commission determines that liquor distributors cannot meet demand.
During the most recent hearing before the Supreme Court, both sides essentially reiterated arguments they have been making since June. And according to the court, a resolution might be months away yet. Nevada Supreme Court information officer, Michael Sommermeyer, said the case’s complexity could mean months before a decision is rendered.
While distribution lingers in the courts, don’t wait for the next recreational marijuana news headlines to get the ReLeaf you need—our experienced and trustworthy team even delivers!