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Nevada is breaking cannabis sales records


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The social cannabis market is in Nevada booming, way more than what many expected. For the first six months of legal sales, retailers sold close to $200 million worth of cannabis. Comparatively, Washington state and Colorado only sold $67 million and $114 million respectively in their first six months of social sales.

Nevada has also collected more than $30 million in taxes during the same time period. The state’s success is attributed to allowing retailers to begin sales while final regulations were hammered out and the rotating new customer base of nearly 40 million annual tourists who come to Las Vegas. Not to mention, more experienced cannabis brands were operating and able to move into Nevada’s market. When Washington state and Colorado legalized, there were no retailers of this kind.

“Overall people seem to be feeling really good about the roll-out,” Krista Whitley, CEO of Nevada-based Altitude Products, said. “The public support has been overwhelming and the positive media coverage of sales and tax revenue exceeding expectations certainly seems to help.”

Still, banking issues remain as retailers are worried about robberies occurring at their cash-only storefronts.

 

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