On Nov. 8, 2016, a majority of voters in Nevada approved Question 2, legalizing retail marijuana in the the Silver State and poising the state marijuana market for massive growth.
“It’s great to see that the power and money of Sheldon Adelson were not sufficient to dissuade Nevadans from doing the right thing,” said Ethan Nadelmann, executive director of the Drug Policy Alliance.
“Nevadans just took a strong stand for smart marijuana policy. The state now stands to create jobs and generate millions in tax revenue by bringing the existing market for cannabis aboveground,” said Tom Angell, Chairman of Marijuana Majority, in a statement.
Arcview has projected that the state’s marijuana sales will grow from $121.6 million in 2016 to $630 million in 2020. “Nevada is just the beginning of the significant opportunities for investors and entrepreneurs that lay ahead in the sector, especially given its top tourist destination rank,” said Troy Dayton, CEO of The Arcview Group.