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Las Vegas cannabis industry reflects on a record year of financial growth

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Cannabis is booming. New numbers from Nevada’s Cannabis Compliance Board and Department of Taxation show the marijuana industry had more than $1 billion in taxable sales in the last year.

What these figures really show is that it is a product everyone is becoming more and more comfortable with.

And these gains are for the history books.

“It existed in the shadows for so long—you’d probably have to talk to someone from the 20s and 30s when alcohol was finally legalized,” said David Goldwater, a managing partner at Inyo Fine Cannabis Dispensary.


Marijuana, cannabis products generate $1B in taxable sales, bring $159M to Nevada schools

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 Marijuana and cannabis products generated more than a billion dollars in taxable sales in Nevada from July 1, 2020, to June 30 of this year, according to state agencies. The state collects 10% of taxable retail sales of cannabis products and 15% of wholesale cannabis sales.

That produced a combined $159 million for the Distributive School Account (DSA), according to a report from the Nevada Department of Taxation and the Nevada Cannabis Compliance Board.

Taxable sales grew by 46% over the previous fiscal year.

Clark County produced $791 million in taxable sales, contributing to a total state figure of $1,003,467,665.


San Miguel County marijuana grower to invest $2M

marijuana leaf

A San Miguel County hemp researcher plans to invest $2 million to legally grow marijuana on his 13-acre farm.

John Sedillo also anticipates hiring 30 to 40 employees, starting at $18 and $20 an hour.

“They don’t need to have prior cannabis (growing) experience,” Sedillo said. “We like the ability (to teach them). We are already interviewing individuals.”

Gov. Michelle Lujan Grisham earlier this year signed the Cannabis Regulation Act, legalizing the sale of recreational marijuana starting on April 1. According to a published report, on Sept. 1 nearly 400 companies started the process of applying for licenses, which must be issued by Jan. 1. 


Cannabis lounges coming to Nevada


 A flurry of laws passed by the Nevada Legislature earlier this year took effect on Friday – ushering in reforms that Democratic lawmakers who have majorities in both the state Senate and Assembly have long campaigned to implement.

Five years after the the state’s voters approved legalizing recreational cannabis in Nevada, business owners can now apply for licenses to establish on-site consumption lounges, where adults can smoke, dab or eat THC-laced edibles that they buy.


8 Things We Learned at Cannabis Conference 2021

people at a conference

Cannabis Conference 2021, the industry’s leading event for plant-touching businesses, was host to nearly 3,000 cannabis professionals in August, who came together for the first time in two years to share the latest technologies and solutions, business strategies and more at Paris Las Vegas Hotel & Casino.

On the 85,000-square-foot trade show floor, 175 exhibitors showcased their products and services, while nearly 90 speakers shared their expertise during Cannabis Conference’s 40-plus session educational program. Sessions were jam-packed with business, cultivation, extraction and dispensary insights. After a monumental year in cannabis—there was much to discuss and break down.


An Illicit Cannabis Farm So Huge, It Was Visible From Space

Okay, we know that NASA's international space station and other such spacecraft can pick up a heck of a lot of what's happening here on the third planet from the sun, but an indoor cannabis farm? 

Last week, authorities in Nevada, along with an impressive backup of national law enforcers, raided what they called the largest illegal marijuana grow in Douglas County history, and perhaps one of the largest ever to be discovered in the state, which legalized adult-use cannabis in 2017.

With 80 workers, the cannabis farm was also the largest employer in the area, rivaling several smaller firms in Douglas County, which is located some 20 miles south of Nevada’s state capital Carson City and borders Lake Tahoe.


Pets, Cannabidiol and Vets

Vet with dog

In just a few weeks, licenced veterinarians in the US state of Nevada will be able to recommend and administer hemp and cannabidiol (CBD) products for the treatment of animals.

While CBD pet products are widely available in the USA, in many states veterinarians are not permitted to administer them or even discuss cannabidiol with pet owners. In other states laws are unclear, which makes vets nervous about the potential for prosecution or other action.


Nevada Cannabis Licenses are Being Federally Investigated

Nevada landscape

Nevada industry players have been getting interviewed by the FBI over the cannabis licensing process. 

The investigation is to see if any people or businesses tried to bribe politicians or other government officials in any way to obtain licenses to operate. Since 2016, recreational cannabis has been legal in Nevada, and there has been controversy over the process the entire time. Applicants who didn’t get licenses have brought corruption charges against those who are in business, and there has been discussion about the cannabis companies associated with politicians and business leaders, and whether they obtained their licenses ethically. 


Las Vegas Cannabis Dispensary Joins World's Largest P2P Cancer Fundraising Event: American Cancer Society's Relay For Life

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Sanctuary Dispensaries, located in the heart of the Arts District near the Las Vegas Strip, is the first cannabis dispensary to directly support cancer research and cancer patients by joining the American Cancer Society's (ACS) Relay for Life. As originally posted on Benzinga- by Maureen Meehan

Getting involved is a natural move for Sanctuary Dispensaries: One of the dispensaries' founders, Dr. Pejman Bady, MD, got into the business to help his mother who had been diagnosed with Stage 4 ovarian cancer and given four months to live. With the help and relief of medicinal cannabis, she lived for another six years.


Consumption Lounges on the Horizon for Nevada

cannabis drink

Plan a trip to Las Vegas for 2022, because cannabis consumption lounges will finally become a reality in Nevada.

By the middle of next year, Nevada is poised to offer a new type of venue to get high.

State lawmakers on Wednesday approved funding for the Nevada Cannabis Compliance Board to oversee so-called “cannabis consumption lounges” there.


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