The medical cannabis industry is about to dramatically expand in the State of Nevada. The State of Nevada is currently accepting applications for medical cannabis businesses. The largest market for medical cannabis businesses in Nevada will obviously be Las Vegas. Las Vegas will allow 12 medical cannabis dispensaries to receive licenses and operate. So far, competition has been stiff. Per Marijuana Business Daily:
Roughly 47 groups have thrown their hats in the ring for dispensary permits. Given that Las Vegas will ultimately allow just 12 dispensaries, at least 35 applicants will be rejected. The city received a total of 63 applications by last week's deadline for medical marijuana business licenses.
There's a lot at stake for the medical cannabis industry in Las Vegas. Whenever there are so many more applications for medical cannabis businesses than there are licenses available, I get leery. The criteria for a business to get a license likely won't be who is going to do the best job, it will be either who is willing to pay the most money, or who wins a lottery.
When that happens, people that would be best at operating the business and have the most applicable knowledge may not get picked, and could get passed up for someone that is simply lucky, or has deep pockets without any past experience in the cannabis industry. With Las Vegas dispensaries recognizing the medical cards of other states, business will likely be booming for yet another industry in the vacation destination.