Nevada almost doubles its cannabis stores by approving an additional 61

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Nevada almost doubles its cannabis stores by approving an additional 61

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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Nevada has approved an additional 61 provisional recreational cannabis retail licenses, which puts the number of stores in Nevada’s exploding market at almost double it’s previous amount.

Prior to this occurrence, the process was merely available to people who had medical cannabis permits. According to cannabis consultant Jason Sturtsman, certain businesses were provided with more than one license, while others were completely overlooked.

“The main thing is that they just gave a bunch of licenses to a few select companies,” Sturtsman explained to Marijuana Business Daily. “And if you look at the groups that won, the majority of those groups have a high amount of capital (behind them),” he added.

When contacted for comment, state officials did not provide an immediate response, nor did they disclose the entire list of approved businesses. However, a handful of companies declared their victories.

Companies gain provisionals for recreational cannabis in Nevada

  • Essence boasts eight licenses. The company will soon be acquired by Green Thumb Industries in Chicago. Currently, it is owned by Integral Associates.
  • Columbus-based Green Growth Brands was awarded seven licenses.
  • TapRoot Holdings was awarded seven licenses according to a report by TV station KSNV.
  • GreenMart received four licenses. The company is a subsidiary of Toronto-based MPX Bioceutic.

Provisional licenses for recreational cannabis in Nevada were also awarded to a number of lucky applicants who have not yet launched a store.

Based on the latest figures released by the State of Nevada, a total of 65 stores are licensed to legally sell cannabis in five different counties.

Those companies that were on the receiving end of a provisional license for recreational cannabis in Nevada will now have a year to gain the required local and final state approvals. With these approvals, business operations can commence.

Nevada cannabis sales through the roof

There’s no denying the fact that Nevada has accomplished a lot since cannabis became legal for recreational use in the state. An incredible $425 million was harvested by the state in its first full year of legal sales, with the year officially ending on June 30.

In addition to that $425 million, state officials recently announced that Nevada’s first year of official recreational cannabis sales brought in almost $70 million in tax revenue.

Combining medical cannabis and cannabis-related merchandise, the Nevada Department of Taxation reports that the state surpassed a half-billion dollars in sales, with the total figure resting just below $530 million, more than experts initially predicted.