By Associated Press
Now that Nevada has approved an early start to recreational cannabis sales, existing medical marijuana companies in the state are readying for a burst of new business that could equate to tens of millions of dollars in additional revenue this year.
The early rollout will make Nevada the fifth state with an operational recreational market and the first to launch since last November’s election, when voters in four states approved adult-use programs. Nevada will also be the first new recreational state to go live under the Trump administration.
Nevada’s recreational marijuana industry got the thumbs-up for an “early start” program Monday, when state tax authorities approved temporary regulations that allow licensed medical marijuana companies to begin adult-use sales July 1.
According to Marijuana Business Daily, Nevada’s recreational market could generate $75 million or more in sales this year and $450 million-$550 million annually down the road. Tourist spending is expected to account for a heavy portion of sales.