The state of Nevada could reap more than $1 billion from marijuana production, processing and robust sales during the first seven years of recreational pot sales, according to an industry group’s economic analysis released Friday.
Pot-friendly policies, strict “seed-to-sale” regulations and the prospect of doing business with some of the 45 million tourists who visit Las Vegas and Reno each year could make Nevada one of the nation’s largest marijuana marketplaces, said Andrew Jolley, president of the Nevada Dispensary Association.
He acknowledged that California, which began recreational pot sales this year, is expected to dominate the industry in size and scale.
“Nevada will be a very important market and should be a leader in regulations,” said John Restrepo, principal analyst at Las Vegas-based RCG Economics, the producer of the analysis that attempted to put dollar signs to smoke rings since legal pot sales started on July 1, 2017.
The 33-page report was made public just weeks after state officials reported first-year taxable pot sales totaled almost $530 million, exceeding expectations by some 40 percent. Nevada received just under $70 million in tax revenues on that figure, including $27.5 million for schools and about $42.5 million for a state “rainy day” contingency fund.