Nevada Looks to Legalize Recreational Cannabis in 2016
August 11th, 2015
News, Top Story
Nevada voters will have the opportunity to decide whether or not to legalize recreational marijuana during the 2016 general election. As home to Las Vegas – one of the country’s most popular tourist destinations – recreational marijuana could become a big business in the state that only recently legalized medical marijuana. Some experts believe that MMJ alone could be worth $100 million per year to the state given its reciprocity program.
Surprisingly, alcohol wholesalers could be the key to winning the state. Liquor distributors have contributed $87,500 to a campaign to pass the measure, according to the Center for Public Integrity. While recreational marijuana may seem like a competing product, the ballot measure would give alcohol distributors the exclusive right to distribute marijuana for the first 18 months of the industry’s existence – which could be a sizable business opportunity.
The only major roadblock to widespread legalization in Nevada is the high use of electricity and water in growing operations. While the use of skylight could cut down on energy use by 20% to 30%, the regulations surrounding medical marijuana prohibit plants from being visible from the outside. The increased water usage associated with growing operations creates another challenge given that the state already has to import most of its water.
Despite these challenges, cannabis is expected to be big business in the state. Some experts suggest that the illicit market could be as large as $2.5 billion in Las Vegas County alone, judging by the average price per pound and illegal seizure amounts, while the low estimates tend to come in at around $51.5 million. These figures are significant given that the county’s total crop production in 2013 amounted to just $23.2 million.
Investors should keep an eye on the burgeoning Nevada cannabis market, as well as the 2016 ballot initiative that could dramatically expand it ahead.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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