Washington - New Frontier, in partnership with Arcview Market Research, released its 2016 Nevada Legal Cannabis Market State Profile, which shows the potential growth of the adult use market if Nevada voters choose to legalize adult use cannabis in November. Over the next four years, Arcview Market Research's official market projection is that annual legal cannabis sales will grow at a compound annual growth rate of 51%; from $121.6 million in 2016 to an estimated $630 million by 2020.
"If Nevada legalizes adult use cannabis, we will witness an unprecedented socio-economic impact in a state already shaped and fueled by tourism and entertainment," said Giadha DeCarcer, Founder and CEO of New Frontier. "The scale of the impact is expected to be massive - by 2020, adult use markets are projected to add an additional $484.3 million in annual sales, and account for almost three quarters of the total legal cannabis market in Nevada."
"2016 is poised to be the tipping point for the cannabis industry. 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.
The initiative to regulate and tax marijuana like alcohol in Nevada will appear on the November 2016 ballot. If the measure passes, Nevada will join Alaska, Colorado, Oregon, Washington and the District of Columbia as the only markets that have passed full medical and adult use cannabis laws.
Nevada's population is just under 3 million residents, leading to a relatively small resident consumer market. However, over 55 million tourists visited Nevada in 2015, and the state's medical marijuana reciprocity laws allow nonresident patients to purchase cannabis products while visiting the state. Nevada's experience managing world-class recreational experiences will create exciting opportunities to integrate cannabis into the state's rich hospitality and entertainment portfolio. If adult use legalization passes, a significant portion of all legal sales in the state are projected to come from tourists, and for many domestic and international travelers, Nevada will be their first experience in a market where adult use of cannabis is legal.
If you would like more information on Nevada's legal cannabis markets, you can download the 2016 Nevada Legal Cannabis Market State Profile at https://frontierfinancials.com/product/nevada/ and www.ArcviewMarketResearch.com.
The report can be ordered for $249.