Nevada Marijuana Sales Predicted to Reach $630M by 2020

If Nevada residents vote to approve recreational marijuana in November, the state could rake in $630 million in marijuana sales by 2020, forecasts suggest.

The state’s ballot initiative would regulate marijuana like alcohol. Currently, Nevada is one of the few states where out-of-state medical marijuana patients can use their medical marijuana card at Nevada dispensaries.

Nevada hosted over 55 million tourists in 2015, according to Yahoo! Finance. Tourism is expected to increase along with the economic potential for new businesses and more jobs which would help the state’s economy even more. Nevada expects a vast majority of its revenue from recreational marijuana sales to come from tourists.

New Frontier founder and CEO, Giadha DeCarcer said, “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. 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.”

The Arcview Group CEO, Troy Dayton said, “2016 is poised to be the tipping point for the cannabis industry. Nevada is just the beginning of significant opportunities for investors and entrepreneurs that lay ahead in the sector, especially given its top tourist destination rank.”