With a population of roughly 3.2 million people, the State of Nevada ranks 32nd for total population among its U.S. peers. However, Nevada experiences the 3rd most tourism in the country, only behind California (#1) and Florida (#2). An estimated 40.8 million people visited Las Vegas alone in 2023, a 5.2% increase over 2022.
According to the State of Nevada Cannabis Compliance Board, as of May 2024 there are 674 total medical and recreational operational licenses/certificates statewide. Additionally, as of December 2023, there were 15,435 registered agent card holders in Nevada’s cannabis industry.
“Nevada currently has 140 cultivation facilities and 103 production facilities for recreational cannabis, per the CCB website, along with 138 cultivation and 103 production licensees that are both medical and adult-use establishments.” stated News 3 in its initial reporting in late-May 2024.
However, one type of Nevada cannabis industry licenses is much rarer compared to others – a cannabis consumption lounge license. Currently, there are only two active licenses for such business in Nevada, and both of them are in Las Vegas. Cannabis consumption lounges are popular with tourists who often have limited legal options for consuming their legally purchased Nevada cannabis products.
“Six applicants who have been waiting more than two years for cannabis consumption lounge licenses under a category reserved for individuals convicted of crimes when marijuana was illegal were notified Monday they were disqualified from the process.” The Nevada Independent stated in recent local coverage about companies seeking licenses.
“Four other applicants — MEDSnSIN, Sunflower Compassionate Company, Greenwood Investment Group LLC and N&D Enterprises LLP — all seeking a location in Las Vegas, met the social equity clause that was part of 2021 cannabis legislation and will proceed in the cannabis consumption lounge licensing process.” the media outlet also reported.
“Out of the remaining 20 applications, eight qualified based on the criteria and will be asked if they wish to enter a computerized random number drawing to obtain one of the six slots still remaining now that the six applicants have been informed they were disqualified. Those applicants also were not disclosed.” The Nevada Independent stated in its coverage.
Nevada voters first approved adult-use cannabis legalization in 2016 on Election Day along with California, Massachusetts, and Maine. Since that time, Nevada’s cannabis industry has grown considerably, although the overall size of the Nevada market fluctuates.
The United States adult-use cannabis industry has generated over $20 billion in total tax revenue since the first legal recreational cannabis purchase was made in Colorado on January 1st, 2014 according to a new report by the Marijuana Policy Project.
“Through the first quarter of 2024, states have reported a combined total of more than $20 billion in tax revenue from legal, adult-use cannabis sales. In 2023 alone, legalization states generated more than $4 billion in cannabis tax revenue from adult-use sales, which is the most revenue generated by cannabis sales in a single year.” the Marijuana Policy Project stated in a press release.
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.