Nevada recreational cannabis sales have declined by approximately 20-30% since first launching in July of this year, according to a report published by the Nevada Department of Taxation and obtained by the Reno Gazette-Journal.
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On Aug. 10, 2017, the Nevada Department of Taxation determined that there is an insufficient number of alcohol distributors applying for recreational marijuana distribution licenses, paving the way for other players within the marijuana industry to participate.
Tourists and locals alike flocked to Nevada dispensaries after the state greenlit the sale of recreational marijuana, but less than two weeks later dispensaries across the state are facing a major problem: a lack of marijuana. On July 13, 2017, an emergency regulation was approved in an effort to solve the Nevada marijuana shortage and keep businesses open.
With Wednesday, May 31, 2017, being the last day to submit recreational marijuana license applications for Nevada’s early-start program, the state has already started adding up the number of applications it has received.
Licensed Nevada medical marijuana facilities in good standing with state agencies will be allowed to start recreational marijuana sales on July 1, according to the industry’s new state regulating body.